Two senior executives at Thai energy firm Energy Absolute (EA) have resigned amid an investigation by the Securities and Exchange Commission (SEC) into the company’s procurement of foreign equipment and software for solar power projects in Nakhon Sawan and Lampang provinces.
The pair, EA CEO Somphote Ahunai and his deputy, Amorn Sapthaweekul, has since affirmed their innocence and stepped down to facilitate a transparent investigation process. The men said they are cooperating with authorities to clarify the procurement details, which they claim was conducted legally through a Turn Key Engineering Procurement and Construction Contract (EPC). The contract entrusted contractors with independent design, procurement, construction, and installation responsibilities.
The SEC’s scrutiny has prompted a review by the Anti-Money Laundering Office (AMLO) to explore potential violations of the Anti-Money Laundering Act. Despite these allegations, the former executives maintain that procurement decisions were made by the contractors, not by them or EA directly.
The two men asserted that a technical advisor from the financing institution approved all equipment specifications, which helped to ensure that the construction costs were competitive and met industry standards. EA reported that their projects maintained notably low construction costs, yielding substantial investment returns. (NNT)
