Bangkok, "Somporn" opens up after SEC accuses him, regrets personal matters hurting the company. The EA board has set up a new board, with "Somjai Nuek Engtrakul" acting CEO, adjusting the team to move forward with the business plan that has been set to be successful, with consistent cash flow, and is confident that there is a plan to repay the bond debt on schedule. In the case where the Securities and Exchange Commission (SEC) has accused Mr. Somporn Ahunai, Chief Executive Officer, and Mr. Amorn Traiphuwikul, Deputy Chief Executive Officer of Energy Absolute Public Company Limited (EA), including Mr. Pornlert Techaratanopas, to the Department of Special Investigation (DSI) and forwarded the case to the Anti-Money Laundering Office (AMLO) in the case of jointly committing corruption to seek undue benefits for themselves and/or others in the case of purchasing equipment from abroad and/or purchasing software programs for use in the construction project of solar power plants in Nakhon Sawan and Lampang, yes terday (July 14), in the company's board meeting, Mr. Somporn and Mr. Amorn announced their resignation from being directors and executives to show transparency and allow for a full investigation to confirm their innocence and readiness to cooperate. The latest today (July 15), EA held a press conference, with Mr. Somporn joining the new board, while Mr. Amorn did not join the press conference due to his overseas engagements. Mr. Somporn admitted that he was shocked and did not expect the SEC to accuse him, and apologized for the incident that caused market turmoil and damage to investors. After this, even though he has resigned, he is confident that EA can move forward. As for the legal case, he accepts it and will have to proceed with legal action. He confirmed that EA's case will not repeat the STARK case. Today is the last day for him to clarify. After this, he will pass the baton to the new team and board of directors. Then, the introduction of the new board of directors of the company was made, in whi ch the board of directors resolved to appoint Mr. Somchainuk Engtrakul, Chairman of the Board of Directors, to the position of Acting Chief Executive Officer, along with appointing additional board members, namely Mr. Chatchaval Jiaravanont, Mr. Vasu Klomkliang, and Mr. Chatpol Sriprathum, effective from July 14, 2024 onwards. In addition, there was a resolution to propose to the shareholders' meeting for consideration and approval to increase the number of directors and consider appointing Mr. Supant Mongkolsuthree as a new board member of the company. At the same time, the Board of Directors' meeting resolved to appoint a new Executive Committee as follows: Mr. Wutthilert Chianilkulchai - Chairman, Mr. Somchainuk Engtrakul - Executive Director, Mr. Sombun Ahunai - Executive Director , Mr. Chamnan Sawangsamut - Executive Director, Mr. Nasit Prasertsakul - Executive Director, Mr. Wasu Klomkliang - Executive Director, Mr. Chatchapol Sriprathum - Executive Director Mr. Somchainuk said that even though Mr. Somporn and Mr. Amorn have to resign, he is confident that it will not be a problem for the business operation. The business expansion plan can still move forward because in the past, the company has worked with the system and the team that was set up is someone who has worked with Mr. Somporn and Mr. Amorn on various projects for a long time and is a professional. I believe that EA is in a good business with a future and has the potential to create good returns. In the case where the SEC accuses the company's directors and executives, the board of directors has assigned the audit committee to investigate the facts and report to the board of directors as soon as possible. The restructuring of the board of directors and senior executives has resulted in the Company being fully qualified under relevant laws to apply for debt instruments or equity instruments with the SEC. The management team and management team remain the same. As for the Company's debts due in the third and fourth quarters of 2024, they cons ist of approximately 3.2 billion baht in debts from financial institutions and 5.5 billion baht in debentures, which can be paid with cash flow from solar and wind power plants of approximately 5 billion baht (after deducting the Adder of matured projects). The Company has prepared reserve funds from financial institutions and additional debentures to be offered for sale. The debentures are in the process of submitting documents to the SEC for offering. Source: Thai News Agency