Founder and former CEO of Thai renewable energy firm Wind Energy Holdings (WEH) has been awarded US$900 million (about 30 billion baht) in compensation by a British court over a share sale swindle.
On July 31st, the British court ordered the current chairman of Wind Energy Holdings (WEH) and 13 other co-defendants to compensate the founder of the company for fraudulently conspiring to lure the plaintiff into selling his shares in WEH at an under-valued price, according to a BBC Thai report.
The co-plaintiffs in the case are Nopporn Suppipat, founder and former CEO of WEH, and his three companies, Symphony Partners, Next Global Investments and Dynamic Link Ventures.
Among the co-defendants are Nop Narongdej, current chairman of WEH, Emma Louise Collins, former CEO of WEH,; Siam Commercial Bank, former executive of WEH Thun Reansuwan, WEH former executive Amman Lakhani, Column Investments, which was registered in the British Virgin Islands, Dr. Kasem Narongdej, Khunying Korkaew Boonyachinda, Pradej Kitti-Itsaranon, Cornwallis Limited, Nuttawut Phowborom and former SCB CEO Arthid Nanthawithaya.
The UK’s Commercial Court verdict was announced on July 31st. It found Nop and 13 co-defendants guilty of conspiring to lure Nopporn into selling his shares in WEH for less than they were worth.
The court was told that the shares are now estimated to be worth US $1.6 billion and Nopporn was only paid US$176 million, with a call option to buy back the shares. Nopporn faced lèse majesté charges at the time he unloaded his shares and, in 2014, he fled to Britain.
Of the 17 co-defendants, a court found 14, including Nop, guilty of violation of Section 432 of the Civil and Commercial Code of Thailand. The court also found Nop and several other co-defendants guilty of violating Section 350 of the Criminal Code.
Siam Commercial Bank, former SCB CEO Arthid Nanthawithaya and Lakhani’s wife, Dhadija Billal Siddique, were acquitted.
The UK Commercial Court said it had the authority to rule in the case because one of the co-defendants, Emma Louise Collins is a British citizen.
