TTT+Partners Litigation & Dispute Resolution team represents KASIKORNBANK PCL as a bondholder representative, in a civil case against STARK CORPORATION PCL , representing over 3000 bondholders.
The high-profile default of Stark debentures stands out as one of the most significant events in the history of the Stock Exchange of Thailand, affecting investor confidence and market stability nationwide. The exact extent of the damage remains unclear, but current estimates suggest that there are potentially up to 10,000 affected individuals and damages amounting to at least THB 13 billion (~ USD 365 million).
The court has ruled in favor of our client, affirming that the defendants must repay the full claimed amount of approximately THB 5.3 billion (~ USD 142.8 million). Additionally, the court has imposed punitive damages amounting to one-quarter of the compensated damages, further underscoring the severity of the misconduct involved. This decision not only reflects a rightful win for our client and the countless individuals affected, but also reinforces the integrity of legal proceedings in financial misconduct cases.
Together with representatives from the Anti-money Laundering Office (AMLO), TTT+Partners will be presenting at the upcoming bondholder seminar held by the bondholder representative, to provide clarifications on legal proceedings and standing on May 3rd 2024.
The TTT+Partners team was led Pathorn Towongchuen, working alongside Nantinee Sunthonpimol and Passawish Sapklin.
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