Energy Absolute (EA.BK), a leading Thai renewable energy firm, saw its share prices plummet by nearly 30% during Tuesday morning trading following the lifting of a trade suspension imposed after a significant leadership change.
The suspension, initiated on Monday, was prompted by the company’s announcement of board and senior management changes in response to allegations of procurement fraud against its former CEO, Somphote Ahunai, and other executives.
The Thai Securities and Exchange Commission accused them of illicit procurements and benefits amounting to 3.5 billion baht ($96.63 million), allegations vehemently denied by the accused individuals.
Following the leadership overhaul, which included appointing chairman Somchainuk Engtrakul as acting CEO and introducing new board members like billionaire Chatchaval Jiaravanon, the company’s stock price plunged sharply to 9.2 baht per share on Tuesday.
Investors reacted swiftly to the uncertainty surrounding the company’s leadership and the allegations of financial misconduct.