<< Back to our news Our News

19 September 2018

Inter Far East Energy Corporation Public Company Limited News Regarding the circumstance of the Inter Far East Energy Corporation Public Company Limited

The news in the printing media and online portals regarding the situation of the Inter Far East Energy Corporation Public Company Limited has been distorted to cause damage. The company would like to notify the information and problem that has occurred. The executive department is in the process of solving the problem to create the most benefit as a priority to the shareholders.

The company’s crisis resulting in illiquid is due to unqualified and unskilled management. The company is now operating as per the law. Apart from this there are false rumors defaming the company which is causing lack of trust as a result of this the company is unable to pay its debts and interest as scheduled. In addition there are many problems to be solved immediately such as;

  1. Complaint regarding the pollution of Clean City Company Limited, Chonburi: In this matter, the company has installed a separation machine and has land filled over it, is quickly proceeding to install waste water treatment system and waste electrical power plant which has acquired license to sell electricity of 5MW but because of this crisis the company lacks its source of investment funds to develop the project as targeted. Nevertheless, regarding the license to sell electricity the company is trying to solve the problem. In respect to the license to manage the waste which is about to fall in a problem, the company may lose the mentioned license and might lead to closure of the business if the problem cannot be solved.
  2. Biomass Gasification Power Plant of True Energy Company Limited, Lopburi: Because of the damaged machines, the company would have to stop the machine manufacturing of electricity for a long time. The company is trying to find investment funds or investors but due to the crisis the company cannot surpass it which may cause the company to lose its license to sell electricity which is expiring in the end of 2018.
  3. Concession in managing the waste and construct waste electrical power plant of Rungakeraya Company Limited, Sa Kaeo: The company has the right to manage the waste and sell electricity of 5MW but has a capital problem in managing and finding investment funds which might result in losing the management and constructing to waste electrical power plant.
  4. The budget management of Inter Far East Wind International Company Limited (IWIND): Due to the continuity of loss because of unqualified and unskilled management, the committee of IWIND is rapidly solving the problem by replacing the internal management structure. There shall be an inspection to solve the loss of budget to create a transparency in managing the business.
  5. Investment in Dhara Dhevi Hotel, Chiangmai which consists of as following;
    1. The hotel license is not as per the sales and purchase. Even though IFEC had invested on 15 December 2015 but could not manage as there were obstructions with hidden purposes from the ex-manager and some of the employees. Later it was figured out that there was a fraud in the management. In mid-2017 the company could change the management structure of the directors and could manage the hotel. The government had ordered the hotel to act as per the law and provide 64 room services as per the license (from total of 123 rooms). This affected the number of tourist and agencies. It was found that some of the buildings did not have license and had to be closed down. Presently, the company is trying to solve the problems to regulate as per the law and is seeking for license to provide service as per the real number of rooms.
    2. The company has been notified by the Chiang Mai Electricity Authority to cut the electricity and move 3 transformers from Dhara Dhevi Hotel. During an investigation it was found that the hotel had a total of 5 transformers installed in the hotel; 2 transformers were of the affiliated companies and other 3 transformers were of other companies and were not transferred to the hotel’s name. Currently this is in the legal process.
    3. In April 2017, before the company could manage the business, there was a removal of furniture and embellishments out of the hotel and the reason was that they were rented assets. This caused a severe damage to the hotel as those furniture and embellishments were the tourist attractions. Currently this is in the legal process.
    4. False rumors provided to agencies and suppliers: in the past few days, an illegal page had joint hands with some of the employees and delivered false information to the agencies and suppliers to cause damage to the hotel. The information provided is completely false.
    5. The building and equipment were not properly maintained, modified or repaired. They were degraded, damaged and covered with fungi. This affected the number of tourists and is dangerous to the lodger’s health. The company has repaired the necessary area but still needs a large amount of budget to repair the damaged area to maintain it as before.

All the above mentioned statement is due to fraud committed in the year 2015-2016 which the company has declared to the media. The company was in default of debt and the interest had increased enormously, nevertheless, the employees are determine to solve the problems and shall comply with the law. There shall be an inspection to cut down the loop holes. In such a restricted conditions especially the capital, the company shall perform its best to protect the interest of the shareholders and the related people.

Yours Faithfully,

 

Inter Far East Energy Corporation Public Company Limited

19 September 2018