The Securities and Exchange Commission (SEC) has accused five companies and 20 people, including former executives, of embezzling 200 million baht from International Engineering Plc (IEC) during 2014-16.
The SEC said on Tuesday that it filed its complaint with the Department of Special Investigation.
Among the accused was Poosana Preemanoch, a former IEC director. He was also ex-CEO of Total Access Communication Plc.
The SEC said it found evidence for nine cases of corruption from September 2014 to August 2016.
Offences included conspiracy and support for executives or authorised people of IEC to embezzle money from the company; false records to create misunderstandings on investment in subsidiaries, construction contracts, and the procurement and installation of machinery; and the abuse of subsidiaries controlled by Mr Poosana to support wrongdoings.
In one of the cases, IEC did not exercise its right to buy shares of Kokcharoen Green Energy Co (KE) at 45 million baht. Mr Poosana arranged for direct purchase worth 20 million baht and had others sell the shares for 70 million baht, the SEC said.
IEC operates energy, plastic recycling, information technology and communications and engineering consulting businesses.
