
BANGKOK — Thailand’s business giant Energy Absolute Public Company, or EA, once, Bloomberg compared to the Tesla of Thailand, is facing a crisis due to its top executives being investigated for corruption, leading to fears that the company may face a fate similar to STARK.
However, both analysts and Mr. Somphote Ahunai, the former CEO under investigation, insist that EA is different from STARK, which was a stock fraud case.
Mr. Somphote Ahunai and Mr. Amorn Sapthaweekul, two executives of EA, along with Mr. Pornlert Tacharattanopas, were accused of corruption and seeking undue benefits for themselves, stemming from fraudulent purchases of equipment from abroad and software programs for use in EA’s solar power plant construction projects in Lampang Province during 2013-2015.
These three individuals allegedly received a total benefit of 3,465.64 million baht, or 95.6 million US dollars, through “kickbacks” or “profit from the price difference” from the procurement of these projects. The case has been referred to the Department of Special Investigation (DSI) and the Anti-Money Laundering Office (AMLO).

Mr. Somphote, former CEO of EA, made his last statement to the media on July 15, assuring that EA is not like STARK and that the company can repay its debts even if all its businesses fail.
He admitted he was saddened and shocked by the allegations from the Securities and Exchange Commission (SEC). He apologized for the recent events affecting EA and causing market turmoil, which resulted in investor losses.
“I ask everyone to remain calm. I deeply apologize for how my personal affairs have damaged the company and shaken the confidence of its 3,000 employees. My personal matters will be resolved through the legal process,” said Somphote.
He emphasized that the company has valuable assets and the power plant business consistently generates higher profits per megawatt than the competition. Cash flow from electricity revenue is about 1 billion baht per month, with a book value of 11.10 baht, reflecting the quality and cost efficiency of our projects.
“You might think that we buy cheap and inferior assets, but that’s not true. We have been buying affordable and high quality equipment for over 10 years. Even on projects that are supposed to be corrupt, we have lowered costs. Almost 100 percent of EA’s projects are cost-effective and efficient,” he said.
Mr. Somphote also expressed his confidence in the existing team and the 3,000 EA employees who will continue to drive the company forward. Despite the absence of himself and Amorn Sapthaweekul, he assured that the remaining team is determined to lead EA to success.
Regarding concerns that new projects could fail, he assured that even in this case EA would be able to cover its debts and interest with the monthly electricity revenue. He pointed out that the commercial electric bus project is now profitable and has a positive EBITDA, which proves the profitability of the company.
“I am asking for a chance for EA, a Thai company with over 20 years of commitment and over 50,000 shareholders who believe in the company. I urge investors and the media to check whether my statements are true,” concluded Mr. Somphote.
Mr. Somphote and Mr. Amorn have already resigned from their management positions on Sunday. The EA Board of Directors quickly appointed a new CEO, Mr. Somchainuk Engtrakul, a well-known businessman and former Permanent Secretary of the Ministry of Finance.
New directors were also appointed to replace those who resigned: Mr. Chatchaval Jiaravanon and Mr. Wasu Klomkliang, with Mr. Chatpol Sripratum acting as interim CFO. These changes came into effect on July 14, 2024.

On Monday, July 15, the Stock Exchange of Thailand (SET) posted an “SP” sign against the securities of EA since the company was unable to clarify information as SET inquired. The SET’s Sustainable Investment Working Group has also decided to remove EA from the list of SET ESG Ratings Sustainable Stocks.
This decision is based on the company’s failure to meet the criteria set by SET ESG Ratings, which state that “the company must not be accused or convicted by authorities or relevant agencies, nor have any directors or executives accused or convicted by authorities or relevant agencies regarding corporate governance, social or environmental impact.” This decision is effective from July 15, 2024.
The company was incorporated in 2006 under its original name, Suntech Palm Oil, Co., Ltd. It registered as a public company in 2008 and was renamed Energy Absolute Public Company Limited. The company currently operates five major businesses: Biodiesel Business, Renewable Power Plant Business, Lithium-ion Battery Business, Electric Vehicle Hire-Purchase Business, and Waste Disposal and Waste-to-Energy Power Plant Business.
EA once had a company value of 240 billion baht, or 6.6 billion US dollars, in 2021, which was the year when the world’s leading business media Bloomberg likened EA to the Tesla of Thailand. Until this crisis, the company’s value has fallen to 20 billion baht, or 552 million US dollars, with a market cap loss of 116 billion baht, or about 3.2 billion US dollars.
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