The Securities and Exchange Commission (SEC) has filed charges against the largest shareholder and others involved in the management of Stark Corporation Plc, the industrial cable maker at the centre of an accounting scandal and debt default.
The SEC filed charges of financial misconduct against 10 entities and individuals, including largest shareholder Vonnarat Tangkaravakoon, with the Department of Special Investigation (DSI), according to a statement from the regulator.
The charges come after Stark faced a criminal investigation and a class-action lawsuit following its revelations of accounting irregularities. Restated financial results showed it incurred a net loss in the past two years, and that its liabilities exceeded its assets.
