Renewable energy CEO quits amid fraud claims

One of Thailand’s most successful green energy entrepreneurs has resigned from the renewables developer he founded after being hit by fraud allegations, as shares in the company are suspended.

Somphote Ahunai and his deputy CEO Amorn Sapthaweekul stepped down from their positions at Energy Absolute on Friday after the Thai Securities and Exchange Commission (SEC) accused the duo of procurement fraud.

The Stock Exchange of Thailand has today suspended trading in the company, citing the need for further information on the impact the two resignations would have on Energy Absolute.

The exchange is also seeking information on the repayment of certain loans the company has taken out.

Energy Absolute has appointed its chair Somjainuk Engtrakul to come in as acting CEO following Somphote’s departure and has also appointed a new board.

Somphote, a former securities trader, launched Energy Absolute in 2006 and took it public in 2013.

The company has diverse interests in the renewables sector, with investments in wind and solar farms and electric vehicles, among other technologies.

It more recently expanded into energy storage, launching a $3bn lithium-ion gigafactory in 2021.

The fraud allegations levelled against Somphote, Sapthaweekul and Pornlert Techaratanopas, who is reportedly a major shareholder in Energy Absolute, relate to actions taken from 2013 to 2015.

The SEC claims that they “jointly committed fraud in the procurement of equipment from abroad and/or fraud in the procurement of software programs” for a solar power plant project.

This resulted in the trio allegedly receiving a total benefit of 3.5 billion baht ($97m).

Somphote and Amorn have denied the accusations and said they will cooperate fully in ongoing investigations by authorities to clear their names.

Somphote has also apologised for “personal matters that have harmed the company and over 3,000 [Energy Absolute] employees.”