Court ruling on ex-Stark boss imminent

Decision on investor damage in pipeline

- NUNTAWUN POLKUAMDEE

The Central Bankruptcy Court is set to issue a ruling declaring Vonnarat Tangkaravakoon bankrupt, the former executive and major shareholder of scandal-plagued Stark Corporation (STARK), with orders to distribute assets to 3,417 creditors whose combined claims total 131.4 billion baht.

The case awaits a ruling from the Criminal Court to determine whether Mr Vonnarat is guilty of wrongdoing and liable for investor damages, said the Thai Investors Association (TIA).

To protect shareholder rights, the TIA earlier urged all STARK common shareholders affected by the fraud to file debt claims with the Legal Execution Department by April 11.

On Sept 27, the first creditors’ meeting was held and confirmed there were 3,417 creditors with total claims of more than 131.4 billion baht.