Updated: Discounted “acquisition”

30 06 2021

An odd looking report suddenly appeared at the old Khaosod English website. It relates to a post earlier this month on hi-so corruption.

The new report states:

The Singapore Court of Appeal has rendered a final and binding decision absolving Nop Narongdej of an obligation to make a bonus payment of 525 million USD for the purchase of shares in Wind Energy Holding Group from “Nick Suppipat” or Mr. Nopporn ‘Nick’ Suppipat’s companies on the ground that the Arbitration Tribunal’s decision was made in excess of jurisdiction. Nop Narongdej praises the court for upholding justice….

In its ruling, the court says the Arbitration Tribunal has no authority to deliberate on the matter of bonus payment and therefore its decision on the remaining amounts has no legal effect….

On his part, Mr. Nop praises the Singapore court for upholding justice in its decision to clear his name and resolving the dispute between himself and the previous shareholder of WEH, which had posed an obstacle to previous efforts to list the company in the Stock Exchange of Thailand.

We wonder how that impacts the earlier decisions that went against Nop in Hong Kong and Thailand? We guess Nop doesn’t care as the Singapore court has handed him half a billion dollars discount on the “acquisition” of WEH. PPT will seek to update this post tomorrow.

Update: PPT has been unable to confirm the information beyond seeing the same report as above in several newspapers, citing Nop’s lawyers. We have, so far, been unable to locate the ruling at the Singapore Appeal Court.



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