Wanrat Tangkaravakhun will not fight a lawsuit brought by STARK retail bondholders, insisting he is not wrong, but he is not cautious.
Dr. Weerapat Paryawong, Legal Consultant A representative of a group of over 4,600 people who were victims of Stark Bonds revealed that on the morning of January 29, 2024, Mr. Wanarat Tangkarafkun, a major shareholder of Stark Corporation Public Limited or STARK, the first accused in this case, was arrested. The case, another group of bond victims, was sued. Five STARK directors traveled to the courtroom at the South Bangkok Civil Court. To make a statement before the court in a crying voice to the court asserting that he was not at fault, but without being careful, he asked the court to instruct his lawyers not to plead this case. It will help heal the damage that has been done.
As for Mr Wanarat's statement before the civil court, he stated that he was very sorry about the incident that happened to Stark Corporation PLC and Stark Group. Although I was not the one who committed the crime. But I feel very sad that I could not take care of the details of administration. Furthermore, trusting the wrong people caused mistakes and corruption in Stark Corporation and Stark Group. But what happened to Stark is personal to me. It has nothing to do with my family and I also saw that other managers should not be involved in this matter. Including low-level employees who are induced or pressured to comply with the orders of the perpetrator. These are people who deserve sympathy and do not deserve to bear shared responsibility for the wrongdoers who ordered them to do so. I can feel the extreme agony of the group of small bond buyers who had to participate in this ordeal. Therefore, I would like to ask the court to quickly expedite the process of examining this case. I have instructed my attorney not to fight this case in order to quickly bring my remaining assets to provide relief to the victims.
In addition, I, as a majority shareholder of Stark, will take every action possible for the benefit of the junior bond purchaser group or until the junior bond purchaser group receives full compensation. Initially, I will submit a letter of intent to the Stark Board of Directors requesting that the procedures related to the bondholder group be expedited as soon as possible. By accepting the truth of what happened so that the bondholder group has full legal rights to enforce the case against Stark's assets. Including shares and rights to claim a loan lent by Stark to Phelps Dodge International (Thailand) Co., Ltd. In the amount of several billion baht. Because if time elapses, the bondholders may not get full justice because Phillips Dodge International (Thailand) Co., Ltd. is entering the business rehabilitation phase. This means forcing major creditors to restructure their debts and reduce these debts in the near future.
Now the truth is clear that at some level the corruption money amounting to 8,000 million baht was partially hidden in England. Another amount was found in the possession of the perpetrator by the Special Investigations Department. Where is the corruption money? That person must be held accountable. I can only hope that government agencies can complete this matter as quickly as possible. The perpetrator can be prosecuted and ultimately punished. As for the ordeal I will face, let fate decide. I would like to express my gratitude to the highly respected court.
#Wanrat Tangkarawakun #Minor Shareholders #STARK #Stark #DSI