Thai Fund Group Bans New Bets in Energy Absolute After Closure

Thailand’s Association of Investment Management Companies banned new investments in Energy Absolute Pcl, the Thai renewables company which has plunged in value and had its credit rating cut amid fraud allegations.

Energy Absolute securities are on a restricted list, which limits transactions and bans new investment until there is clarity about its business, AIMC said in a statement.

Thai authorities are seeking to contain fallout from Energy Absolute, whose shares plunged by the 30% daily limit for a second day after regulators accused its founder Somphote Ahunai of fraud, prompting him to quit as chief executive. Somphote denies wrongdoing. A ...