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    Stark Corporation

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    DUY TIEN MY
    The Stark Corporation accounting scandal took place from 2020-2022. In December 2022, Stark announced it was withdrawing from a deal to use funds for other purposes. In February 2023, the CEO resigned for personal reasons and the company was unable to release financial statements on time. It was delayed again in May 2023. Stark's shares fell 92% in January 2023 and in June 2023 it announced a net loss of 6.61 billion Baht in 2022, revising its 2021 profit to a loss of 5.97 billion Baht. An investigation found 202 irregular sales transactions worth 8 billion Baht in 2022 and 3.59 billion Baht in 2021, violating accounting regulations.

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    Stark Corporation

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    DUY TIEN MY
    11 views8 pages
    The Stark Corporation accounting scandal took place from 2020-2022. In December 2022, Stark announced it was withdrawing from a deal to use funds for other purposes. In February 2023, the CEO resigned for personal reasons and the company was unable to release financial statements on time. It was delayed again in May 2023. Stark's shares fell 92% in January 2023 and in June 2023 it announced a net loss of 6.61 billion Baht in 2022, revising its 2021 profit to a loss of 5.97 billion Baht. An investigation found 202 irregular sales transactions worth 8 billion Baht in 2022 and 3.59 billion Baht in 2021, violating accounting regulations.

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    The Stark Corporation accounting scandal took place from 2020-2022. In December 2022, Stark announced it was withdrawing from a deal to use funds for other purposes. In February 2023, the CEO resigned for personal reasons and the company was unable to release financial statements on time. It was delayed again in May 2023. Stark's shares fell 92% in January 2023 and in June 2023 it announced a net loss of 6.61 billion Baht in 2022, revising its 2021 profit to a loss of 5.97 billion Baht. An investigation found 202 irregular sales transactions worth 8 billion Baht in 2022 and 3.59 billion Baht in 2021, violating accounting regulations.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    11 views8 pages

    Stark Corporation

    Uploaded by

    DUY TIEN MY
    The Stark Corporation accounting scandal took place from 2020-2022. In December 2022, Stark announced it was withdrawing from a deal to use funds for other purposes. In February 2023, the CEO resigned for personal reasons and the company was unable to release financial statements on time. It was delayed again in May 2023. Stark's shares fell 92% in January 2023 and in June 2023 it announced a net loss of 6.61 billion Baht in 2022, revising its 2021 profit to a loss of 5.97 billion Baht. An investigation found 202 irregular sales transactions worth 8 billion Baht in 2022 and 3.59 billion Baht in 2021, violating accounting regulations.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 8

    ACCOUNTING SCANDAL OF

    STARK CORPORATION IN
    2020 - 2022
    Summary and explanation

    Internal controls

    CONTENT
    Accounting principles

    Double entries

    Items on financial statements


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


    Exclusive template ready to be
    Audit Committee
    customized for your presentation.
    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
    Any Question ?

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