DSI's Progress on High-Profile Securities Fraud Cases (POLAR, EARTH AND IFEC)

Following the complaints made by the Securities and Exchange Commission requesting the Department of Special Investigation (DSI) to launch criminal investigation into securities fraud involving POLAR, EARTH and IFEC allegedly creating false debts and information, the DSI wishes to update on the progress made in the investigation as follows:

1.Special Case no. 167/2561 (Executives of Polaris Capital Public Company Limited or “POLAR” conspired or abetted the effort to maliciously subject the Polaris Capital Public Company Limited to debt in order to prevent creditors from collecting debt owed, in whole or in part.)

After accepting the case for investigation on 17 December 2018, the Department of Special Investigation has completed the investigation and forwarded the investigation findings to the public prosecutor at the Department of Special Litigation, Office of the Attorney General. On 7 February 2023, the DSI Director General submitted his dissenting opinion to the Attorney General for further deliberation.

2.Special Case no. 228/2560 (Energy Earth Public Company Limited submitted false documents in support of its credit application for import financing, causing damage to Krungthai Bank.)

After accepting the case for investigation on 8 December 2017, the Department of Special Investigation has completed the investigation and forwarded the investigation findings to the Secretary General of the National Anti-Corruption Commission (NACC) for further action.

3.Special Case no. 59/2562 (Executives of Energy Earth Public Company Limited conspired or abetted the effort to maliciously subject the Company to false debt and committed document forgery.)

After accepting the case for investigation on 13 June 2019, the Department of Special Investigation has completed the investigation and forwarded the investigation findings to the Secretary General of the National Anti-Corruption Commission (NACC) for further action.

4.Special Case no. 57/2563 (Energy Earth Public Company Limited or “EARTH” and its executives committed the offence of failing to submit documents or reports as ordered by the Office of the Securities and Exchange Commission and the offence of concealing the facts, the essence of which should have been revealed, and the offence of making public misleading essential information about the fair value of the concession right in a coal mine, constituting an offence under Section 240 of the relevant law.

After accepting the case for investigation on 3 August 20120, the Department of Special Investigation has completed the investigation and forwarded the investigation findings to the Secretary General of the National Anti-Corruption Commission (NACC) for further action.

5.Special Case no. 50/2564 (Members of Inter Far East Energy Corporation Public Company Limited or “IFEC” accused its former members of violating laws and caused IFEC and others damage worth over 1 billion baht.)

The Department of Special Investigation accepted the case for investigation on 22 July 2021. The investigation is ongoing.  

Please be assured that the Department of Special Investigation carefully and thoroughly gathers all facts and evidence to ensure efficient investigation in compliance with the timeframe specified and the authority vested by law.