Bangkok: STARK victims have petitioned the House of Representatives to summon the SEC for clarification after it was revealed that a mutual fund company was fined over 2 million baht for lack of strict management. The victims, who invested in STARK stock through the LTF fund, were previously unable to press charges due to a lack of evidence.
According to Thai News Agency, Mr. Nattawut Rungwong, Chairman of the Board of Directors of Tonthar Corporation Investment Advisory Co., Ltd., acting as an advisor for the affected small-cap stock investors in Stark Corporation Public Company Limited (STARK), reported that on July 11, 2025, a petition was signed to the House of Representatives' Anti-Money Laundering Committee. This petition aims to invite the SEC and related agencies to confirm whether the fine imposed on the asset management company and its executives relates to the STARK incident. If confirmed, the victims are prepared to demand compensation and request the SEC to openly disclose information to investors and the public.
The SEC's website had previously reported on May 30, 2025, that a fine of 2,091,750 baht was imposed on a mutual fund asset management company for violations of Section 117 of the Securities Act. Between January 27, 2023, and October 28, 2025, the company was found to have insufficiently strict investment management systems for analyzing, reviewing, and monitoring the quality of securities.
Additionally, two executives from the fund management company, the CEO and the Chairman of the Fund Management Company's Investment Committee, were fined 112,500 baht each. They were found responsible for not ensuring the investment management system met the required standards, thus violating the Securities Act, Section 283, Paragraph 1, and Section 117.
On July 24, 2023, a representative for the investors affected by LTF units in a mutual fund lodged a complaint with the SEC, urging punitive action against the mutual fund company for investing in STARK shares, leading to an approximate 3.5 billion baht loss. The complaint alleged the company failed to manage the fund with honesty and prudence. However, nearly a year later, the SEC informed the complainants that there was insufficient evidence to support the allegations. The SEC invited additional evidence submission for further consideration and potential action.
The SEC's recent announcement regarding the fines has prompted the affected investors to seek further clarity, aiming to determine the next steps in their claims.