Thai SEC Files Fraud Raps vs Stark, Its Biggest Wiremaker

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, Francesca Regalado reported for Nikkei Asia.

Photo Insert: Former Stark Corporation Chairman Chanin Yensudchai is among the 10 Stark personnel who will be facing charges filed by the Thai SEC.

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

Earlier, Apornrath Phoonphongphiphat reported for Nikkei Asia that the SEC filed charges against 10 people over alleged financial misconduct involving troubled electrical wire maker Stark.

The 10 include Stark's largest holder, Vonnarat Tangkaravakoon, as well as former Chairman Chanin Yensudchai and former Chief Financial Officer Sathar Chantrasettalead, according to a statement from the regulator.

Seree Yootanawaraporn, chief operating officer of Phelps Dodge International, said the company could not fill backorders after authorities seized assets of Stark, its parent company.

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