Newly-appointed CEO of renewable energy firm Energy Absolute, Somchainuk Engtrakul, has offered an assurance that the company will be able to repay its 3.2 billion baht debt to financial institutions, and another 5.5 baht debt in debentures, from its cash flow from solar energy and wind energy plants.
He also claims that the restructured management, following the resignations last Friday of CEO Somphote Ahunai and his deputy Amorn Sapthaweekul, will manage the business efficiently and will guide the company to growth.
He said the remaining senior staff are professionals who have been with the company for a long time, making him confident that the company has the capability to grow and be more profitable.
Somphote, Amorn and another director, Phornlert Techrattanopas, have been accused by the Securities and Exchange Commission (SEC) of fraud in the procurement of equipment and software for a solar power plant project between 2013 and 2015, according to an SEC statement issued last Friday.
The alleged fraud is now being investigated by the Department of Special Investigation and the Anti-Money Laundering Office.
The Stock Exchange of Thailand (SET) has also removed Energy Absolute from the current SET ESG Ratings list, effective today, because the company no longer meets the SET ESG Ratings qualification criteria.
During a press conference today, Somphote said that he and some top executives offered to resign, to provide transparency and to allow the SEC to investigate the alleged fraud uninterrupted.
He also offered an apology to staff for tarnishing the reputation of the company over the fraud charges, in which he and a few other top executives are accused of benefiting by nearly 3.5 baht billion from the procurement deal.
File photo : Somchainuk Engtrakul
