Stark damage claims could reach $1bn, says Thai SEC

Regulators say they will expand their fraud investigation to 'everyone involved'

Seree Yootanawaraporn, chief operating officer of Phelps Dodge International, said the company could not fill backorders after authorities seized assets of parent company Stark, a Thai wiremaker. (Photo by Francesca Regalado)

FRANCESCA REGALADO, Nikkei staff writer

July 7, 2023 19:38 JST

BANGKOK -- Damages arising from the accounting scandal engulfing Stark, Thailand's largest supplier of high-voltage wires and cables, could reach 38 billion baht ($1 billion), the country's securities regulator said on Friday.

The Thai Securities and Exchange Commission also said it is expanding its investigation following the fraud charges it filed against the company and related figures the previous day.