Bangkok South Municipal Court has dismissed a lawsuit against Kasem Narongdej, co-founder of KPN Group, one of the defendants in a legal dispute over debt issues, filed by Wind Energy Holding (WEH)'s founder and former owner Nopporn Suppipat.
Mr Kasem is also father of former WEH chairman Nop Narongdej, who was accused by Mr Nopporn of colluding with other suspects to cheat their creditors.
The case is part of a dispute surrounding WEH after its ownership shifted hands to Mr Nop.
Mr Nop allegedly transferred WEH shares, held by KPN Energy (Thailand), to Mr Kasem in a sophisticated plot to block three companies owned by Mr Nopporn from receiving money from their sales of WEH shares worth 20 billion baht, according to media reports citing Mr Nopporn's accusation.
Reportedly, the 59% shares, owned by KPN Energy (Thailand), were valued at only 3 billion baht when they were allegedly given to Mr Kasem.
The court decision to clear Mr Kasem of the alleged collusion has been unveiled by the Narongdej family.
Its members did not elaborate reasons behind the judgement.
The Narongdej family earlier accused Mr Nop of taking advantage of his family name to improperly advance his business interests.
Mr Nop asked his family in 2016 to finance the purchase of shares in WEH.
The family provided cash assistance, but Mr Nop allegedly declined to contribute to family members after receiving assistance, improperly used the reputation of the family and "impersonated" them to promote his business, according to court filings.
In a rare interview in August, Mr Nop insisted he wants to go ahead with the much-delayed initial public offering of WEH shares though accusations against him are being tried.
He said he is confident the company will get support from various groups of shareholders, including those holding a minority of shares.