20240705 stark corportation

Years of bogus sales and accounts receivable, combined with rising input costs, left the company unable to repay its debts in early 2023. (Nikkei montage/Source photos by Stark website)

Fraud trial exposes shortfalls in Thai corporate governance

Wire maker Stark's scandal ensnares Kasikornbank, Deloitte and Credit Suisse

BANGKOK -- In early June, Vonnarat Tangkaravakoon was led into a courtroom, barefoot and handcuffed. He sat hunched as evidence was presented in the criminal case against him and nine other defendants accused of defrauding investors of nearly 15 billion baht ($409.8 million), one of the largest fraud cases in recent Thai history. 

During a pause in the proceedings, other defendants were embraced by their parents, spouses and children. None of Vonnarat's relatives, the tycoons behind TOA Paint, was to be seen. 

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