BANGKOK — Considered one of Thailand’s high 100 listed corporations is embroiled in arbitration in Germany, after warning of default on bond funds value 9 billion baht ($260 million) and backing out of a deal to buy Germany’s largest automotive cable firm.
Shares in electrical wire producer Stark Corp. have plunged 98% because the starting of February, when PwC flagged “suspicious circumstances” in Stark’s audit committee in an preliminary audit report. The corporate warned of default on two bond tranches value 2.24 billion baht and can doubtless miss three extra valued at 6.96 billion baht.