Stark Creditors Unite in THB 130 Billion Lawsuit Against Wanarat

Over 3,300 claimants, owed a staggering sum, to hold first meeting in September over the collapsed Thai corporation

 

A significant development in the high-profile Stark Coporation saga sees a substantial coalition of creditors, numbering 3,395, pursuing legal action against Wanarat Tangkaravakun for a colossal sum exceeding 130 billion baht.

 

These damaged parties, primarily STARK ordinary shareholders, have filed their claims with the Thai Legal Execution Department under a class action framework, with the first crucial creditors' meeting slated for September 27, 2025.

 

Following the Central Bankruptcy Court's ruling that Wanarat Tangkaravakun, a key figure in the case (Black Case No. Por. 1061/2567), be declared bankrupt (Red Case No. Lor. 9679/2567), the Thai Investors Association (TIA) stepped in to advise aggrieved STARK shareholders on safeguarding their rights.

 

The TIA urged all affected ordinary shareholders to lodge their claims for damages with the official receiver at the Legal Execution Department by the deadline of April 11, 2025, a directive widely publicised in the Government Gazette (Announcement No. 2/2568, dated March 20, 2025).
  

Upon the closure of the claim submission period, an initial review by the official receiver on April 30, 2025, revealed a formidable response: 3,395 creditors had filed claims, with the preliminary total amount sought reaching a staggering 131,428,670,221.69 baht.

 

The official receiver has now convened the first creditors' meeting for September 27, 2025, at 10:00 a.m. at the Legal Execution Department in Bangkok.

 

This meeting will be pivotal for discussing strategies concerning the management of Wanarat's financial affairs and assets. Crucially, only those creditors who submitted their claims within the stipulated timeframe will be entitled to vote on these matters.

 

In the interim, the official receiver has announced the formation of a working group tasked with meticulously reviewing the submitted claims from the STARK ordinary shareholders and formulating recommendations for their resolution.
  

Black Case No. Por. 1061/2567 marks a significant effort by the TIA to champion the cause of investors who suffered losses due to the collapse of STARK Corporation Public Company Limited.

 

The Bangkok South Civil Court had previously granted class action status to this case on December 18, 2024, paving the way for this collective legal pursuit.

 

The TIA has also been instrumental in disseminating crucial updates to the affected shareholder group, acting on the request of the representative plaintiff.

 

To date, five public "Announcements" detailing the case's progress have been issued.

 

Furthermore, the TIA has leveraged its online platforms, including direct email communication with registered shareholders and a dedicated "Class Action" section on its website, to keep stakeholders informed.

 

The association has also acknowledged the invaluable support of capital market authorities and the media in ensuring widespread awareness of shareholders' rights.

(2025/05/19-00:00)