HEAT IS ON

IFEC’s dissident board members file a request with the securities watchdog to investigate chairman Wichai Thavornwattanayong.

The power struggle among major shareholders of Inter Far East Energy Corporation Plc (IFEC), an SET-listed renewable power company, continues after representatives of board members, led by Thavich Taychanavakul, filed a request with the securities watchdog to investigate the chairman of the board.

Last week, five board members including Mr Thavich himself walked out of a board meeting out of frustration with the chairman, Wichai Thavornwattanayong, saying Mr Wichai intended to block the five from appointing new board members.

Mr Thavich said the group of five wanted to appoint members who would help rescue the company from debt problems.

IFEC defaulted on non-rated bills of exchange (B/Es) that came due in late 2016, and the company has thus far failed to honour almost all of its defaulted B/Es amid internal conflicts.

Last week’s meeting collapse came as another lot of B/E payments worth 1.2 billion baht neared its due date.

Mr Thavich called on the Securities and Exchange Commission (SEC) to scrutinise Mr Wichai and another director, Supanan Ritpairot, alleging that they intentionally delayed the appointment of new board members and caused further damage to the company.

Because the walkout from the March 15 meeting left only four directors, Mr Thavich requested that the SEC revoke any resolutions issued at the meeting.

Mr Thavich, who owns a 10% stake in IFEC, had proposed replacing Mr Wichai with Pol Gen Sunthorn Saikwan, a former deputy national police chief, but Mr Wichai, who holds a 2% stake, insisted on chairing the meeting.