Fugitive Stark Corporation CEO Chanin Yensudjai was escorted back to Thailand from Dubai this morning by officers from the Department of Special Investigation (DSI), ending a year on the run in an attempt to evade charges of defrauding the public related to one of Thailand’s largest series of financial crimes.


DSI officers travelled to Dubai to collect Chanin after his arrest by United Arab Emirates authorities. After arriving at Suvarnabhumi international airport this morning, he was whisked away to the DSI to be questioned by Pol Lt-Col Chakkrit Wisetkhetkarn, who is in charge of financial fraud and money laundering investigations.


Chanin is expected to be formally indicted before the Ratchadapisek Criminal Court on Monday.


Chanin is one of the seven executives of Stark Corporation, a listed company manufacturing wire and cable, and five companies charged with public fraud for allegedly falsifying corporate financial statements, inflating revenues and misappropriating company funds.


The other seven executives were Stark’s major shareholder Vonnarat Tangkaravakoon, former board member Chinnawat Assavapokee, former chief financial officer Sathar Chantrasettalead, former chief marketing officer Kittisak Jitprasertngam, Sathar’s former secretary Yosabavorn Amarit and Chanin’s secretary, Nattaya Prabpetch.


The companies named in the fraud case were Stark and its subsidiaries, namely Phelps Dodge International (Thailand), Thai Cable International, Adisorn Songkhla Company and Asia Pacific Drilling Engineering.


Financial damage from the massive fraud is estimated at about 14.7 billion baht and over 4,700 shareholders have been affected.


In addition to on-going criminal proceedings, civil lawsuits have been filed against five Stark executives by three investors. In March this year, the Bangkok South Civil Court decided to classify the lawsuit as a class action.


The five executives are Vonnarat, Chanin, Chinnawat, Sathar Chantrasettalead and Kittisak.


Formerly one of Thailand’s top 100 listed companies, Stark’s financial troubles reached a critical point in March 2022, when the Securities and Exchange Commission (SEC) suspended trade in the company’s shares for missing the 2022 financial reporting deadline.


After a three-month suspension, trading resumed for a month, to give investors an opportunity to liquidate their holdings. At one point, the share price dropped to 0.01 baht.


In June 2022, Stark was removed from Thailand’s benchmark stock index, resulting in massive sales by index funds.


Fugitive Stark Corp CEO arrested in Dubai and returned to Thailand after year on the run - Thai PBS World