Nop Narongdej accused by family

Nop Narongdej accused by family

Nop: Insists business is fine
Nop: Insists business is fine

Nop Narongdej has been publicly alienated by his own family, with KPN Group releasing a public statement accusing him of improperly using the Narongdej family name to advance his business, while withholding crucial information regarding Wind Energy Holdings (WEH) from the family.

In a strongly-worded public statement, the Narongdej family accused Mr Nop, chairman of embattled renewable energy firm Wind Energy Holdings (WEH), of taking advantage of the Narongdej family name to improperly advance his business interests.

The statement says, no member of the Narondej family, including Kasem Narongdej, Krishn Narongdej and Korn Narongdej, are involved in WEH, and any statements that linked them to the company will be considered impersonation.

The family reserves the right to take legal action against the source of any such statements, the statement continues.

Mr Nop ignored immediate requests for comment.

Two years ago, Mr Nop asked his family to finance the purchase of shares in WEH. The Narongdej family provided cash assistance, and collateral to secure additional loans. Mr Nop declined to contribute to the family after receiving assistance, improperly used the reputation of the family, and "impersonated" them to promote his business, said the statement.

The family is aware of the accusations lodged against WEH holdings in the media and is concerned about how it will affect its reputation and credibility. They claim to have no insight into the dealings of the company, its past investments, or its investment process.

At a recent interview with the Bangkok Post, Mr Nop insisted everything was "business as usual" after he acquired 60% of WEH, following co-chief executive Nopporn Suppipat being accused of extorting former business partner Bundit Chotwitthayakul and violating the country's lese majeste laws.

The company recently raised close to 34 billion baht from Siam Commercial Bank, and Mr Nop said financing for five upcoming projects was already in place.

"If there were any sort of fraud, we would not be able to raise the money," said Thun Reansuwan, chief financial officer of WEH.

During the interview, Mr Nop did not provide financial details for the company. It has been audited by Grant Thornton Thailand since KPMG departed in the wake of the 2014 scandal.

Do you like the content of this article?
COMMENT

Bank of Thailand holds key rate at record low, cuts 2021 GDP outlook

Thailand's central bank left its key interest rate unchanged at a record low on Wednesday, as widely expected, but lowered its 2021 economic growth forecast as the country struggles with a third wave of coronavirus infections.

14:12

Record toll

Hospitals are reporting they have no vacant beds and a rising number of Covid-19 patients needing ventilators, as the coronavirus disease claims 51 lives in one day, with 3,174 new cases diagnosed.

14:01

China will create millionaires over 3 times faster than US in 5 years

HONG KONG: China will create millionaires at a quicker pace than the United States in the five years through 2025, as a rapid recovery from the world's worst public-health crisis in a century helps corporate chieftains generate and accumulate wealth faster, according to the 12th Global Wealth Report by Credit Suisse.

13:55