Energy Absolute CEO accused of $97M fraud, stock crashed 70%, billionaire lost fortune

Energy Absolute (EA) was one of Thailand's largest renewable energy companies, founded by Somphote Ahunai, who became a billionaire with a net worth peaking at $4.8 billion. The company built solar and wind power plants across Thailand and at its peak in 2021 had a market capitalization of $10.8 billion, making it one of the most valuable companies on the Stock Exchange of Thailand. EA also expanded into electric vehicles, batteries, and ferry services.

In July 2024, Thailand's Securities and Exchange Commission accused Somphote, his deputy Amorn Sapthaweekul, and a third individual of fraudulent procurement of equipment and software for solar power plants through two EA subsidiaries between 2013 and 2015. The SEC alleged the three personally benefited from approximately 3.46 billion baht ($97 million) in illicit profits. The case was referred to the Department of Special Investigation, and the Attorney General filed criminal charges. Somphote resigned as CEO and pledged to fight the charges.

The fraud allegations triggered a collapse in investor confidence. EA shares plunged 70% from their peak, and the company's market value cratered from $10.8 billion to $1.4 billion. Somphote lost his billionaire status, with his net worth dropping from $4.8 billion to around $600 million. The Stock Exchange of Thailand suspended trading in EA shares and removed the company from its ESG ratings. The board restructured management, appointing a new acting CEO and directors. EA was forced to raise capital and restructure debt to repay bondholders.