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Thailand's True Corp Loses Appeal Over $296 Million Payment
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Thailand's True Corp has said that it will consider filing an appeal against a court order that will deprive it of an expected payment of Bt9.175 billion (US$296 million) from the state-owned TOT for access fees.
True filed a notice with the Stock Exchange confirming that it is considering taking the case to the Upper Court after the Central Administrative Court dismissed its petition demanding compensation from TOT over access charges as ruled by an arbitration panel in February 2006.
The case dates all the way back to an arbitration hearing a decade ago, when True asked in 2002 for a share of TOTs profits for providing special services on the True network and allowing others to provide special services via the network.
In 2006, the arbitration panel ruled that TOT should make a payment of Bt9.175 billion to True. Since then TOT has been filing appeals against the ruling, claiming that its own financial position would be in jeopardy if it lost its appeal.
The latest ruling, in TOTs favour found that the 2006 verdict had not taking into account the TOT-True concession contract.
Tags: [true corp] [tot] [Thailand]
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