Top Energy Absolute executives resign to ensure transparency

Somphote Ahunai and Amorn Sapthaweekul have resigned from their positions with Energy Absolute (EA) to ensure transparency, following accusations by the Securities and Exchange Commission (SEC) regarding the procurement of foreign equipment and software. They are confident in their innocence and are cooperating with relevant authorities in the investigation.

The SEC has accused Somphote and Amorn of violations under the Securities and Exchange Act. The case has been forwarded to the Anti-Money Laundering Office (AMLO) as a predicate offence under the Anti-Money Laundering Act.

On Sunday, Somphote, the CEO, and Amorn, the deputy CEO, announced their resignations to facilitate a thorough investigation and are fully cooperating with the authorities regarding the procurement of equipment and software for solar power plant projects in Nakhon Sawan and Lampang. They affirmed that they were not involved in any corruption, as the contractor selection process was decided by the company's board and executed through a Turn Key Engineering Procurement and Construction Contract (EPC).

The contractors were responsible for the design, procurement, construction, and installation of the project. Equipment procurement was the contractor's decision, not that of the company, Somphote, or Amorn.

Contractors received project details, including equipment specifications, and chose suppliers independently.
The specification of major equipment required approval from a technical advisor appointed by the financing institution. This independent global advisor ensured the project's construction costs were reasonable compared to similar projects. EA's construction costs were the lowest among comparable projects, resulting in the highest investment return (IRR).

The SEC’s accusation is the start of a legal process and does not imply guilt for Somphote and Amorn. They are committed to cooperating to prove their innocence.