Thailand’s Court of Appeal has sentenced Mr. Nop Narongdej and Khunying Korkaew Boonyachinda to two years in prison without suspension for their involvement in using forged documents to transfer shares of Wind Energy Holding (WEH).
On November 11, 2025, the Criminal Court of Thailand delivered its decision in Criminal Black Case No. Aor. 2497/2561, in which Mr. Kasem Narongdej, the plaintiff and major shareholder of Hong Kong-registered Golden Music Limited, accused Khunying Korkaew Boonyachinda (1st Defendant), Mr. Nop Narongdej (2nd Defendant), and Mr. Suthat Chiracharasporn (3rd Defendant) of conspiracy to use forged documents.
The case concerned the unauthorized transfer of 459,103,350 shares of Golden Music Limited, which holds shares in WEH, during 2016-2018. The defendants were found to have conspired to use falsified documents for the share transfer, despite knowing that the documents were forgeries.
The plaintiff received a legal notice on May 14, 2018, indicating that a court order in Hong Kong prohibited Golden Music Limited from transferring its WEH shares without further order, alerting the plaintiff to potential wrongdoing.
The plaintiff, on May 24, 2018, subsequently notified the board of Golden Music Limited to convene a shareholders’ meeting for clarity. It was later discovered that the third defendant had been appointed sole director of Golden Music Limited without informing the plaintiff, which was determined by the plaintiff that the actions and conduct of the third defendant was irregular and intended to obstruct the shareholder meeting as requested.
On June 19, 2018, Premier Fiduciary, acting as the company secretary, notified the plaintiff’s legal counsel that Golden Music Limited had resolved to transfer the plaintiff’s shares to the first defendant, and that Golden Music Limited approved the action.
Upon investigation, the plaintiff found that the signature on the alleged representative appointment contract was forged, and denied any involvement in or consent to such transfer. It was determined that the forged documents had been used as the basis for the unlawful transfer of shares.
While the Court of First Instance had initially acquitted all three defendants due to insufficient evidence regarding the use of forged documents, the Court of Appeal reversed this decision, finding Mr. Nop and Khunying Korkaew guilty under Sections 265 and 268 of the Criminal Code and sentencing them each to two years in prison. The third defendant was acquitted. Subsequently, Mr. Nop and Khunying Korkaew were granted bail pending a possible appeal to the Supreme Court, each posting bail of 100,000 baht.
Mr. Nop stated to the media that he remains confident in the judicial process and is prepared to pursue his defense in the Supreme Court with all necessary evidence and documentation.
