Thai business Tycoon Vonnarat arrested for missing prosecutor’s summons order in Stark Corp scandal


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.

©2024 Bloomberg L.P.

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

Thai Tycoon , Arrested , Stark Corp Scandal

   

Next In Aseanplus News

At least 15 killed in Nanjing fire
Emperor Naruhito expresses grief over deadly Koto quake
Lesson material raises ire
Sumo champ demoted over protege’s bullying
Vientiane and Asean to enhance energy security
Imran pushes IMF on election rigging probe
Asean news headlines as at 9pm on Saturday (Feb 24)
Indonesia's new senior minister embarks on post-election reconciliation trail
Offline cyberthreats decreasing steadily in Vietnam
Selangor Sultan grants audience to Nga

Others Also Read