BANGKOK (Bloomberg): Vonnarat Tangkaravakoon, whose family controls Thailand’s largest paint maker, was arrested by the nation’s law enforcement agency after he missed a summons to appear before prosecutors over his alleged role in an accounting scandal at industrial cable maker Stark Corp.
Vonnarat, who is the largest shareholder in Stark, was detained near a hospital in Bangkok, the Department of Special Investigation said in a statement Monday. He will be handed over to the prosecutors and will face further legal actions, the agency said.
Vonnarat’s detention came days after Prime Minister Srettha Thavisin urged authorities to speed up actions against those behind major corporate misconducts, especially the accounting fraud at Stark, to restore investor confidence.
Stark and several of its former executives including Vonnarat are facing criminal charges and a class-action lawsuit after the company last year revealed irregularities in past accounting.
A scion of one of Thailand’s wealthiest families, Vonnarat was once tasked with keeping Stark afloat after key executives departed in 2023, when the firm delayed releasing financial statements. His family controls TOA Paint (Thailand) Pcl, of which he had 9% stake as of Aug. 2023, according data compiled by Bloomberg.
Prosecutors summoned Vonnarat for an appearance on Feb. 9 to hear a possible indictment on his involvement in Stark’s case, DSI said. He failed to appear before the prosecutors without providing any reasons, it said.
Subesequently, a court on Feb. 10 issued an arrest warrant against Vonnarat on charges that he violated the Securities and Exchange Act with fraud and document falsification, according to the statement.
Vonnarat is among the company’s executives who have been charged and whose assets were ordered to to be seized by the authorities.
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