Bangkok, July 10 – The SEC has ordered STARK to submit a special audit report by July 17, 2023.
On Monday, July 10, 2023, the Securities and Exchange Commission (SEC) ordered Stark Corporation Public Company Limited (STARK) to submit an audit report as special case (extended-scope special audit) within July 17, 2023 as requested for an additional period extension. as well as to disclose information through the information system of the Stock Exchange of Thailand
As the SEC ordered STARK to expand the scope of the audit as a special case in the matter where the auditor has remarks about unusual transactions. The audit report must be submitted to the SEC by June 16, 2023. Later, STARK requested a letter requesting an extension of the period for submission of the audit report, as a special case, for another 30 days. July 17, 2023 due to the amount of information in the scope that must be examined is large and there are problems with requesting bank statements for the auditor to verify the information. which is a factor beyond the control of that company
The SEC found that STARK’s special audit operations had progressed to a certain extent. But there is an issue that takes time to request bank statement documents from commercial banks. which is an external factor and the auditor had to expand the scope of audit further. The SEC has investigated the facts and expanded the results of the auditor’s observations and the results of the special audit in the first phase, including accusing STARK, 10 directors, former directors and former executives of STARK. and ordered the seizure of the offender’s property and temporarily prohibiting him from leaving the Kingdom on July 6, 2023*
The SEC has therefore extended the submission period of the said audit report to July 17, 2023 as STARK has requested for an additional extension. The results of the special audit were also disclosed through the information system of the Stock Exchange of Thailand at the same time.
note :
SEC News No. 116/2023 entitled “The SEC filed a complaint against 10 individuals against DSI for manipulating STARK’s financial statements, disclosing false statements in the registration statement for the sale of securities. And acted with fraud and deception “https://www.sec.or.th/TH/Pages/News_Detail.aspx?SECID=10024
SEC News No. 117/2023, “SEC has ordered the seizure of assets of 10 offenders in the case of STARK and temporarily prohibits them from leaving the Kingdom” https: //www.sec.or.th/TH/Pages/News_Detail.aspx?SECID=10025. – Thai News Agency
Source: Thai News Agency