Krungthai Bank (KTB), the country's largest state-owned bank, dismissed information provided to the public by beleaguered Energy Earth Plc (EARTH) that its board of directors' meeting has resolved to appoint Nopparat Ardkongharn as the company's top executive, as nominated by the bank.
"KTB has never discussed this issue with Energy Earth," the bank said in a statement issued after Energy Earth submitted a filing to the Stock Exchange of Thailand yesterday.
The bank has been damaged, like Energy Earth's debenture and promissory note holders, and other financial institutions, it said.
"The bank has filed both civil and criminal lawsuits against Energy Earth and related persons in parallel with undertaking business rehabilitation by filing complaints with the Department of Special Investigation [DSI] in September 2017. The case is being investigated. The bank believes the legal process will lead to a conclusion that will benefit all parties, paving the way for all creditors to receive payments in a fair and equal manner," it said.
Energy Earth's filing said the newly appointed chief executive is tasked with coordinating and inviting members of the creditor committee from KTB and Kasikornbank (KBank) to join a working committee and report the outcome to the board of directors for approval.
The company also said it would invite KTB to send a representative to act as an authorised signatory, while KBank's agent would be an independent director and member of the audit committee.
Energy Earth's board meeting came after the Central Bankruptcy Court rejected its business rehab plan arranged by EY Corporate Advisory Services Ltd.
KTB filed a complaint with the DSI 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, which is the company's largest creditor. The bank's initial probe accused Earth Energy of forging a shipping document claiming it imported coal from Indonesia to back a loan request.
