The Department of Special Investigation (DSI) has been asked to freeze the assets of Earth Energy Co during its probe into an accusation that the firm might have used a fabricated coal import document to seek a 12-billion-baht loan from state-run Krungthai Bank.
DSI chief Paisit Wongmuang told media yesterday the Securities and Exchange Commission (SEC) has asked DSI to help freeze its assets.
The inspection came after the bank discovered the alleged irregularity and the company subsequently failed to pay the money back due to a financial shortfall.
The company has lodged a business rehabilitation plan with the Central Bankruptcy Court. However, the court rejected its proposed plan, according to Mr Paisit.
This prompted the SEC, which accused 17 suspects, including the former members of Earth Energy Co, of misconduct, to turn to the DSI to help freeze the assets.
The DSI has been involved in the investigation since June, when it was first asked to look into the allegations. Its investigators have now finished examining domestically gathered evidence.
"We now want overseas evidence," Pol Col Paisit said, adding that the DSI needs to check whether there was a transport record between the company and its Indonesian exporter.
According to Krungthai Bank's initial probe, Earth Energy Co was accused of forging a shipping document that claimed it imported coal from Indonesia, in order to back its request for the loan.
The bank also accused the company of allegedly hatching a plot to set up a "fake creditor" to claim the borrowed money. This would cause the bank to lose its right to receive the full payment.
