(Bloomberg) -- The former chairman of Stark Corp. had an additional 2.5 billion baht ($69 million) of assets seized and frozen as authorities step up their crackdown on former executives of the Thai industrial cable maker at the center of an accounting scandal and debt defaults. 

Chanin Yensudchai’s seized and frozen assets rose to 2.54 billion baht, most of which are land and bank accounts, Theppasu Bavornchotidara, the secretary-general of Thailand’s Anti-Monday Laundering Office said in a statement on its website. Chanin’s assets were the largest seizure linked to Stark’s case, he said.  

Thai authorities are speeding actions against those behind major corporate misconduct including Stark after Prime Minister Srettha Thavisin demanded more steps to restore investor confidence. Vonnarat Tangkaravakoon, Stark’s largest shareholder, this week was arrested by the nation’s law enforcement agency as he, Chanin and several of its former executives face criminal charges and a class-action lawsuit. 

Chanin, as one of the top executives, allegedly falsified Stark’s financial statements to inflate earnings performance to deceive investors, according to Theppasu. 

Chanin is believed by authorities to have fled Thailand. Local authorities flagged Chanin to Interpol, seeking to apprehend him, the Department of Special Investigation said in July.

©2024 Bloomberg L.P.