ACCOUNTING SCANDAL OF

STARK CORPORATION IN
2020 - 2022
 Summary and explanation

Internal controls

CONTENT
Accounting principles

Double entries

Items on financial statements

 SUMMARY
STARK CORPORATION:
- A private organization which
focuses on investment in
manufacturing and services in
the industrial sector.
- The field of wire production
- The leading the major wire &
cable manufacturer
- Offering human resource
management and recruitment
services for the petroleum
industry.
Timeline the accounting scandal took place:
• 12/2022: Stark announced that it would withdraw from
the Leoni deal, they wants to use this money for other
purposes
• 2/2023: the company's CEO also suddenly resigned due
to personal reasons => it would not be able to publish
its financial statements on time (March 1, 2023)
• 5/2023:delayed releasing its financial statements again
• 01/06/2023: Stark's shares fell 92%
• 16/06/2023:announcing its financial report, showing
that a net loss of 6.61 billion Baht in 2022, and revised
its 2021 business results to a loss of 5.97 billion Baht,
instead of a profit of 2.78 billion Baht as reported
original report.
• 31/12/2022: Stark had about 39 billion Baht in debt
 ACCOUTING PRINCIPLES

=> the company had a

net loss of 6.61 billion
Baht in 2022, and revised
its 2021 business results
to a loss of 5.97 billion
Baht, instead of a profit
of 2.78 billion Baht as
reported original report

- 202 “irregular sales transactions” worth 8 billion Baht in 2022 and 3.59 billion Baht in 2021.

=> Stark corporation violated "Accounting regulations for sales accounting operations"
 INTERNAL CONTROL
- Decrease the total number of the Board of Director from “9 directors to be 6 directors”

Mr. Vonnarat Tangkaravakoon The Acting Chief Executive Officer

The major shareholder of the Company

Lieutenant General Prakorn Sucheevakun Chairman of the Board of Directors

Independent Director

Mr. Apichart Tangeakchit Director

Nomination and Remuneration Committee

Mr. Noppadol Dheerabutrvongkul Independent Director

Chairman of the Audit Committee

Mr. Senathip Sripaipan Independent Director

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Chairman of Nomination and Remuneration Committee

Mr. Suwat Chawengchot Independent Director

Audit Committee
ITEMS ON FINANCIAL STATEMENT

Unit: Baht
 DOUBLE ENTRIES
Unit: Baht

Retractively

IN 2021
Thank you for listening
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