The Stock Exchange of Thailand (SET) suspended Energy Absolute Public Company Limited (SET: EA) from being traded on Monday morning of 15 July 2024, following the allegation on its top executives by SEC for fraud.
The SET posts “H” sign against the securities of EA and has requested additional clarification regarding the potential financial impact, especially concerning outstanding debts, particularly loans and debenture bonds maturing within 2024 along with clear directives on the repayment of these obligations are also being sought, in addition to their implications for the company’s business management.
This inquiry follows the SEC’s censure of EA’s board of directors and executives implicated in fraudulent activities, which have inflicted harm upon EA and its subsidiaries. This information is crucial as it could significantly affect the financial status and business operations of the company, including decisions related to the buying and selling of EA securities.
The Securities and Exchange Commission (SEC) on Friday revealed that it accused Mr. Somphote Ahunai, CEO of Energy Absolute Plc (SET: EA), Mr. Amorn Sapthaweekul, Director of EA, and Mr. Pornlert Taecharattanopas and EA’s subsidiaries, including EA Solar Nakornsawan Co., Ltd., and EA Solar Lampang Co., Ltd. of fraudulent.
According to the SEC, it was found that during the years 2013-2015, the three individuals engaged in fraudulent activities involving the procurement of equipment from overseas and/or software for use in EA’s solar power plant construction project through the two subsidiaries, resulting in all three individuals benefiting from a total amount of 3,465.64 million baht.
Before the halt, EA announced this morning of its Board of Directors’ resolution to appoint new directors this morning in replacement of the resigned directors.
1) Mr. Chachawan Jiaravanon Director (in replacement of Mr. Patiparn Sukorndhaman)
2) Mr. Vasu Klomkliang, Director, Acting CFO (in replacement of Mr. Amorn Sapthaweekul)
3) Mr. Chatrapol Sripratum Director (in replacement of Mr. Somphote Ahunai)
EA added that its liabilities will be due in the 3rd and the 4th Quarter of 2024 consist of Debt amount from financial institutions of approximately Baht 3,200 million and bonds of Baht 5,500 million, which can be paid with cash flows from solar and wind power plants of approximately Baht 5,000 million (deducting adders of maturing projects), and a reserve line from financial institutions and additional bonds to be offered. The bonds are in the process of filing documents to the SEC for sale.
