The EA board made the decision on Sunday (July 14), with immediate effect, reports the Bangkok Post.
The move followed the resignation of former CEO Somphote Ahunai and his deputy Amorn Sapthaweekul on Friday (July 12) after the Securities and Exchange Commission accused them of fraud in the purchase of equipment and/or software for a solar power plant.
The EA board also appointed Chatchaval Jiaravanon, an heir to the Charoen Pokphand Group fortune, as new director. He replaces Wutthilerd Chieannikulchai, who is the new chairman.
Mr Somjainuk on Monday (July 15) said that despite the resignations of Mr Somphote and Mr Amorn, EA would proceed with its business expansion plan and he believed the company had potential to produce good returns.
He said the restructuring of the management ensured that the company would be qualified to seek approval to issue new debentures.
Mr Somjainuk also said that EA would be able to repay B3.2 billion in debt owed to financial institutions and B5.5bn to its debenture holders in the second half of this year.
EA would make the repayment with about B5bn from the cashflow of its solar and wind power plants, and borrowings from financial institutions and planned debenture issues, he said.
Meanwhile, the Stock Exchange of Thailand announced it had removed EA from the SET ESG Ratings due to the accusation made against EA.
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