Alpha Chartered Energy Refutes False Claims Over Bangjak Corporation Investment
Investment firm clarifies funding sources and ownership structure whilst threatening legal action against defamatory reports
- Alpha Chartered Energy (ACE) has refuted what it calls "fabricated claims" regarding the funding sources and political connections for its 20% investment in Bangjak Corporation (BCP).
- The company clarified its funding is an unsecured loan from a Singapore-regulated financial institution, explicitly denying any links to politicians or political parties mentioned in media reports.
- The investment was initiated and is controlled by local partner Nattakorn Athithanavanic, who identified BCP as an undervalued company with significant growth potential, not for political reasons.
- ACE and its parent company, Chartered Group, have threatened legal action against individuals and media outlets spreading the false information to protect their reputation.
Alpha Chartered Energy Co., Ltd. (ACE) has issued a robust defence against what it describes as "fabricated claims" regarding its investment in Bangjak Corporation Public Company Limited (BCP), threatening legal action against media outlets spreading false information.
The Bangkok-based investment firm, which recently acquired a 20.0083% stake in BCP through the purchase of 275.5 million shares, said allegations about its funding sources and political connections were "devoid of truth" and designed to damage the reputation of its parent company, Chartered Group.
Investment Rationale and Structure
ACE's interest in BCP originated from a proposal by Natthakorn Athithanavanich, Chartered Group's local partner in Thailand.
Natthakorn, who worked with McKinsey & Company (Thailand) for over a decade, identified BCP as a listed company with significant growth potential and regional expansion capabilities, trading below its intrinsic value.
Under the investment structure, Natthakorn established ACE as the investment vehicle whilst maintaining full control over the company's board and shareholder decisions.
He retains authority over target selection, due diligence processes, portfolio management, and director nominations.
The shareholding structure of ACE comprises Alpha Global wholly owned by Natthakorn Athithanavanich, and Encore Issuance S.A., which shares the same ownership structure as Opus-Chartered Issuances S.A.
The ultimate beneficial owners of these entities have been disclosed to relevant authorities and received approval during Opus SA's previous acquisition of MFC Asset Management Public Company Limited.
Funding Sources Clarified
ACE categorically denied reports about its funding sources, stating it received unsecured financial assistance from a Singapore-regulated financial institution licensed by the Monetary Authority of Singapore (MAS).
The company emphasised that this funding arrangement arose from Chartered Group's strong relationships and credibility, conducted transparently and in strict compliance with relevant regulations.
The firm explicitly denied any connections to politicians, political parties, or individuals mentioned in recent media reports.
Future Plans for BCP
Following the acquisition, ACE has proposed two representatives as BCP directors: Natthakorn Athithanavanich and Dr Tomas Koch.
Natthakorn brings over 10 years of experience in business restructuring and development across energy, finance, property, and retail sectors.
He has direct experience in refinery and petrochemical turnaround projects that more than doubled company valuations within three years.
Dr Koch, a former senior partner at McKinsey & Company, contributes 33 years of consulting experience in organisational strategy, growth, performance improvement, and digital transformation. He has worked on over 300 projects, primarily in the energy and chemicals industries across Asia.
ACE described the BCP investment as based on confidence in the company's fundamental strengths as a high-growth potential listed company capable of regional business expansion.
The firm aims to leverage its networks and expertise to create value, targeting significant and sustainable value enhancement over the next three years. The investment represents a flagship long-term commitment for the group.
Legal Action Warning
In a separate statement dated 15 September, Chartered Group announced it would pursue legal action against individuals and entities spreading false information and defamatory content linking the group to Thai politicians or political parties.
The global investment firm, which manages and invests billions of US dollars across multiple countries, stated: "Any attempts to damage the group's reputation by linking it to politicians, political parties, or certain individuals appearing in media and social media will be met with decisive and uncompromising measures, including legal proceedings against all responsible parties."
Chartered Group reiterated its confidence in Thailand's economic potential and significant business opportunities, committing to continued business cooperation and investment expansion in the country under strict compliance with relevant laws and regulations.
The company concluded that current attempts to damage its reputation through fake news would not succeed or impact its Thai business operations, emphasising its commitment to maintaining professional standards and the highest levels of investment management globally.
