By Thanaphum Charoensombatpanich

 

BTS Group Holdings Plc (BTS) has come out to remind the Bangkok Metropolitan Administration (BMA) that the local administrative body still owes it 40 billion Baht for the installation of electrical & mechanical and operations of the Green line mass transit system.

 

The issue of the 40 billion Baht has been ongoing for the past 3-years but there has been no resolution yet on the issue despite the publicly listed company raising the issue many a times. Earlier this year in April BTS’ chief executive officer – Surapong Laoha-Unya, had come out to say that BTS would look to sue to recover the funds.

 

The nearly 40 billion Baht that has been incurred comes from 18 billion Baht in operation & maintenance, and just about 20 billion Baht for electrical and mechanical installations.

 

Full story: https://www.thaienquirer.com/46063/bts-opts-on-using-social-media-to-plead-for-understanding-to-recover-40-billion-baht-of-debts-owed-to-it/

 

-- © Copyright Thai Enquirer 2022-11-22

 

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"The issue of the 40 billion Baht has been ongoing for the past 3-years ...."

 

Multiply those years by 10 and you will see how long Hopewell have been waiting.

Why not just issue court proceedings? That's over a Billion US Dollars so not a small amount. No doubt hungry lawyers would be keen to generate some fees revenue from costs awarded.

 

Why should the public care?  BTS borrowed money it could never have paid back from idiot bankers, mainly foreign, including the World Bank, to build the thing. It would have been foreclosed on in most countries but the Thai courts allowed the case to drag on for years and forced the creditors to to accept 40 cents in the dollar. BTS should also forgive 60% of the BMA debts in the public interest and in recognition of kindness shown to them by the courts and their creditores. 

By going to social media it seems to me that BTS risks a defamation lawsuit.

Such a lawsuit does not require facts, only as little as 'perceived' intimidation and 'potential' harm to reputation. In this case the Thai government and possibly the Minister of Transport.

Threaten a civil and criminal defamation lawsuit against BTS - end of problem?

Factor in what is owed to Hopewell by the Thai government (27billion Baht) and it's easy to see this country's financial condition is living on borrowed time.

A post with a trolling video has been removed.

just sell the debt to China in return for a 99 year lease....... simples

2 minutes ago, bangon04 said:

just sell the debt to China in return for a 99 year lease....... simples

China don't want leases. They want and expect outright ownership!

 

22 hours ago, webfact said:

BTS Group Holdings Plc (BTS) has come out to remind the Bangkok Metropolitan Administration (BMA) that the local administrative body still owes it 40 billion Baht for the installation of electrical & mechanical and operations of the Green line mass transit system.

Business as usual in Thailand.

maybe a 1- or 2-day shutdown of the BTS by the company would get the BMA's attention