Stark Finds $426 Million of Irregular Transactions in Thai Audit

Stark Corp., a Thai industrial cable maker at the center of an accounting scandal and debt defaults, discovered at least 15.6 billion baht ($426 million) of irregular transactions at its units after completing parts of a required special investigation.

Phelps Dodge International (Thailand) Ltd., Stark’s cable-making unit, had total damages of 12 billion baht in 2021 and 2022 from more than 200 irregular transactions, Stark said in an exchange filing late Friday. More than 3.6 billion baht in such irregularities were found at two other Stark units, it said.

Stark faces a deepening criminal investigation and class-action lawsuit ...