The board of listed renewables firm Energy Absolute has elevated chairman Somchainuk Engtrakul to the positions of director and acting chief executive after the stock exchange regulator accused the former CEO of fraud.
The EA board made the decision on Sunday, with immediate effect.
This followed the resignation of former CEO Somphote Ahunai and his deputy Amorn Sapthaweekul on Friday after the Securities and Exchange Commission accused them of fraud in the purchase of equipment and/or software for a solar power plant.
On Sunday the EA board also appointed Chatchaval Jiaravanon, an heir to the Charoen Pokphand Group fortune, as new director. He replaces Wutthilerd Chieannikulchai, who is the new chairman.
On Monday Mr Somjainuk said that despite the resignations of Mr Somphote and Mr Amorn, EA would proceed with its business expansion plan and he believed the company had potential to produce good returns.
He said the restructuring of the management ensured that the company would be qualified to seek approval to issue new debentures.
Mr Somjainuk also said that EA would be able to repay 3.2 billion baht in debt owed to financial institutions and 5.5 billion baht to its debenture holders in the second half of this year.
EA would make the repayment with about 5 billion baht from the cashflow from of its solar and wind power plants, and borrowings from financial institutions and planned debenture issues, he said.
Meanwhile, the Stock Exchange of Thailand announced it had removed EA from the SET ESG Ratings due to the accusation made against EA.
