The founder of Thailand’s biggest wind power operator is seeking about $1.5 billion at a London fraud trial over allegations he was pressured to sell a large chunk of the firm just as he faced criminal charges in the country.
The claims were aired on the first day of the case where lawyers for ex-chief executive officer of Wind Energy Holding Co Ltd, Nopporn Suppipat, said he was “fraudulently induced” into selling about 60% of his shares in the firm and was never paid their true value.
Nop Narongdej and Siam Commercial Bank deliberately undervalued the shares and manipulated key documents between 2014 to 2018, according court filings by Mr Nopporn's lawyers. Mr Nop and other defendants have denied allegations of wrongdoing, according to court documents. Lawyers for Mr Nop and the bank didn’t immediately respond to an email seeking comment.
The 17-week long trial will be keenly watched in the country with Wind Energy Holding delaying an initial public offering to at least 2024 until the case is resolved.
The shares were worth $872 million at the time of sale and are now worth $1.6 billion, Mr Nopporn's lawyers said in the documents. He “received only $176 million in return.”
Mr Nopporn, who now lives as a political exile in France, was accused of several criminal offences in Thailand, including insulting the King and Queen - charges he says are politically motivated and that forced him to flee Thailand overnight in 2014. Mr Nopporn has also turned to arbitration courts in a bid to reclaim his money.