In a dramatic twist to one of Thailand’s largest corporate frauds, the Department of Special Investigation (DSI) charged Chanin Yensudchai, former CEO of Stark Corporation, with a slew of serious offences including money laundering and document forgery.
Acting DSI Director Yutthana Praedam confirmed the charges also encompass negligence, fraud, embezzlement, and violations of the Securities and Exchange Act of 1992.
Despite the mounting evidence, Chanin denies all charges.
Yutthana added that those involved in accepting Chanin’s money and assets will also face money laundering charges.
“We will cooperate with the Anti-Money Laundering Office to scrutinise any transfers exceeding 8 billion baht linked to Chanin while he was evading the warrant abroad.”
The Office of the Attorney General’s Department of Special Litigation, led by Wirun Chanthananan, has already submitted the case to the Criminal Court. Chanin joins 11 others, including five companies, already implicated in the scandal.
Chanin’s return to Thailand on Sunday marked the end of an eight-month evasion. Escorted by DSI officials to their headquarters, his interrogation was completed within two hours. The investigation adhered to guidelines set by the Securities and Exchange Commission, focusing on violations of the Securities and Exchange Act and the Money Laundering Control Act of 1999.
About 50 victims of the scandal gathered at the Office of the Attorney General yesterday, hoping to confront Chanin. However, due to safety concerns, he was taken directly to court. A source revealed that Chanin is currently detained at Bangkok Remand Prison, noting the extensive damage caused by the scandal to both individuals and the nation’s economy.
The Stark scandal, a massive accounting and embezzlement debacle, has inflicted approximately 14.7 billion baht in damages, affecting over 4,000 investors. The fraud was exposed early last year when external auditors discovered discrepancies between the company’s reported figures and its actual financial performance, unveiling a sophisticated scheme by Stark executives to deceive investors and stakeholders, reported Bangkok Post.
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