The Securities and Exchange Commission (SEC) is currently considering a request from Stark Corporation Public Company Limited, also known as STARK, to extend the deadline for the Special Examination of their operations in Round 2. STARK cited the freezing of their assets as the reason for the delay, preventing them from completing the inspection as scheduled by July 17, 2023.
In response, STARK submitted a case-by-case audit report, with an expanded scope, to the SEC Office on July 17, 2023. The report signifies about 50-75% progress in each section of the audit.
STARK explained that the SEC’s order to freeze their assets and those of their subsidiaries had a significant impact on their regular business activities. Although the order did not force the company to cease all operations, it imposed various restrictions. Consequently, STARK was unable to meet the SEC’s deadline and requested an extension for submitting the audit report, with a proposed new deadline of September 29, 2023. The SEC is currently reviewing and considering STARK’s request and will communicate their decision at a later date.
Furthermore, the freezing of assets was approved by the SEC Board under Section 267 of the Securities and Exchange Act BE 2535 (Securities Act). The SEC has filed charges against 10 individuals, as the first set of complaints, with the Department of Special Investigations (DSI). These individuals are accused of handling financial statements with false information in the registration statement for selling debt securities. They are also alleged to have engaged in dishonest and fraudulent activities, benefiting from ill-gotten gains. Such actions fall under the purview of the Securities Act.
The SEC’s examination of STARK’s operations, coupled with their response to the freezing of assets, is a crucial development in ensuring transparency and accountability in the corporate sector.
The SEC reveals that it is in the process of considering a request to extend the time for the presentation of the Special Examination of Stark Corporation, Round 2 after STARK requested an extension within 29 September 2023, citing the freezing of assets. Causing the special inspection to be delayed, unable to deliver as scheduled by July 17, 2023
The Securities and Exchange Commission (SEC) notified that Stark Corporation Public Company Limited or STARK submitted the case-by-case audit report on July 17, 2023. (expanded scope special audit) to the SEC Office pursuant to a request for an additional period of time extension . with approximately 50-75% progress in each section
In this regard, STARK informed that because of the order of the SEC to freeze the assets of the company and its subsidiaries. This has a significant impact on the Group’s normal business operations. Although the said order does not cause the group companies to cease all operations but causes various restrictions. much more Therefore, the company was unable to complete the special audit within July 17, 2023 in accordance with the SEC’s instructions, so it requested an extension of the submission period for the audit report to be within September 29, 2023 , which the SEC is in the process of considering. whether the time should be extended or not as per STARK’s request and will inform the result later.
In addition, the process of freezing assets in this case has been done with the approval of the SEC Board in accordance with Section 267 of the Securities and Exchange Act BE 2535 (Securities Act) as follows: SEC has charged 10 individuals as the first set of complaints with the Department of Special Investigations (DSI) for prosecution handling financial statements. Disclosure of false statements in the registration statement for the offer to sell debt securities. and acted with dishonesty and fraud and through such fraud gained property from the fraudulent people. which comes under the Securities Act
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