Kittiphun Anutarasoti, chief executive of CIMB Thai Bank (CIMBT), has requested a voluntary leave of absence until the end of March after a Krungthai Bank (KTB) probe into loans to Energy Earth led to serious allegations against him.
CIMBT's board of directors approved his request, the bank said in a filing with the Stock Exchange of Thailand late yesterday.
"In order to work on possible alternatives to protect his reputation and professional standards as a banker, as well as to protect the interests and reputation of the bank, Mr Kittiphun submitted a request for voluntary personal leave until March 31, 2019 from his position as president and CEO, as well as member of the board and bank committees," CIMBT said.
Mr Kittiphun's leave will take effect upon the regulator's approval of the appointment of an acting president and CEO as nominated by the bank's board of directors.
KTB's findings alleged that Mr Kittiphun was culpable for misconduct and fraud that benefited himself and others, resulting in huge damage to KTB from loans extended to Energy Earth Plc when he was an executive overseeing corporate banking business during 2013-17.
He disputed the probe, saying he was never notified of the charges, nor was he allowed to clarify his actions to the panel.
KTB, Energy Earth's largest creditor, launched a probe into the 12 billion baht granted to Energy Earth after the coal miner failed to redeem two lots of bills of exchange worth 90 million baht that came due in June 2017.
KTB filed a complaint with the Department of Special Investigation to probe an accusation that Energy Earth might have used a fabricated coal import document to seek a 12-billion-baht loan from the bank.
