Exiled Thai renewables tycoon Nopporn Suppipat ‘wins’ US$800 million in UK ruling
- Nopporn, Wind Energy Holding’s founder, can recover damages from an industrialist and others who betrayed him for bribes, says judge
- The ex-CEO was forced to sell his shares at a huge discount after fleeing abroad, accused of criminal offences he says are politically motivated
The founder of Thailand’s biggest wind power firm can recover more than US$800 million over allegations he faced political pressure and was forced to sell his shares at a massive discount after he fled to Europe, a London judge ruled.
Holding companies of Nopporn Suppipat, who started Wind Energy Holding in 2006, can recover the damages from industrialist Nop Narongdej, ex-chairman of the KPN Group, as well as a handful of senior managers who betrayed Nopporn in exchange for bribes.
Senior managers at Wind Energy Holding (WEH) took the “incentive” and conspired in an asset stripping scheme that helped Nop avoid payment obligations, Judge Neil Calver said in the High Court ruling published this week.
“The WEH managers did the very thing which Mr Suppipat trusted them not to do,” he said.
Nopporn, who fled Thailand criminal charges in 2014 and lives as a political refugee in France, had alleged Nop, along with Siam Commercial Bank, induced him to sell shares at an unfair price.
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The founder was paid US$176 million for shares that were worth around US$1.6 billion in October last year, the ex-CEO’s lawyers argued at a trial last year.