“Nopporn” Counters “Nop Narongdej”, Indicating Arbitrators’ Order for Nop to Make Payment

Mr. Nopporn Suppipat, former WEH’s shareholders and executive, countered Mr. Nop Narongdej’s statement that claimed Mr. Narongdej had won the allegations against him by saying that the statement was distorted from the truth.

 

Following the demand from WEH’s shareholders, pressuring WEH’s executives to resign, Mr. Nop Narongdej stated in the press conference on August 19, 2020, that any reform will have a huge impact on the company, which would lead to a call default from the Siam Commercial Bank Public Company Limited (SCB).

Meanwhile, Mr. Narongdej stated that WEH is in the process of debt repayment and entering the Stock Exchange of Thailand (SET). As for allegations between the former WEH’s shareholders and the Narongdej family, Mr. Narongdej stated that most of the cases were settled and he had won the allegations.

 

Wind Energy Holding Company Limited (WEH), on August 19, 2020, stated that the press conference as appeared in the various media about WEH is a sole personal event by Mr. Nop Narongdej, Chairman of the Executive Committee who will consider the suitability of the information himself.

Furthermore, WEH asserted that the company does not have any press release policy, including the content as appeared in the media before.

 

On August 21, 2020, Mr. Nopporn Suppipat, former WEH’s shareholders and executive, held a conference through Zoom and stated that Mr. Narongdej’s statement over winning the cases was distorted from the truth. He asserted that the Arbitration Committee had ordered Mr. Narongdej’s company namely; Fullerton Bay Investment Limited (Fullerton) and KPN Energy Holding (KPNEH) to make a share payment to Symphony Partners Limited (Symphony) at a total amount of US$680,875,913.

Moreover, the Arbitration Committee also ordered Fullerton and KPNEH to pay all the costs of arbitration to Symphony, Next Global Investments Limited and Dynamic Link Ventures Limited at the amount of 228 million baht.

In this regard, the order of the Arbitration Committee proved that Mr. Narongdej in fact lost the cases he claimed to win.