Bangkok ordered to pay over 12 billion baht to BTS within 180 days

[snoop1130]

 

The Supreme Administrative Court upheld a ruling requiring Bangkok Metropolitan Administration (BMA) and Krungthep Thanakom Company to pay BTS Group Holdings over 12 billion baht in outstanding debts related to the Green Line extension project within 180 days.

 

The Supreme Administrative Court delivered its final verdict at 9am today, July 26, affirming the Central Administrative Court’s decision. The BMA and Krungthep Thanakom Company (KT) must compensate Bangkok Mass Transit System Public Company Limited (BTS) for breach of contract concerning the operation and maintenance services of the Green Line extension. The ruling mandates that the payment, including interest, amounting to 11.76 billion baht, be completed within 180 days from the finalisation of the case.

 

The case revolves around the BMA’s Green Line extension project, which includes two segments: the first extension from Saphan Taksin to Bang Wa and from On Nut to Bearing, and the second extension from Mo Chit to Khu Khot and from Bearing to Samut Prakan. The court ordered the repayment due to BMA’s failure to adhere to the contractual obligations for compensation for operation and maintenance services provided by BTS.

 

The ruling specifies that the BMA, having appointed Krungthep Thanakom, a company in which BMA holds a 99.98% stake, for the project to ensure operational flexibility, must also bear responsibility for the unpaid debts.

 

 

“Since Krungthep Thanakom has outstanding debts under the contract for the operation and maintenance services of the Green Line extension, BMA is jointly liable to settle these debts to BTS.”

 

The breakdown of the debt includes 2.35 billion baht for the first extension, with accrued interest of 2.2 billion baht. For the second extension, the debt amounts to 9.4 billion baht, accompanied by interest of 8.79 billion baht.

 

The interest is calculated based on the Minimum Lending Rate (MLR) announced by Krung Thai Bank Public Company Limited, from the date the lawsuit was filed until the payment is fully made, reported KhaoSod.

 

“The court has concluded that BMA’s actions in managing the Green Line extension projects and delegating Krungthep Thanakom to handle operations require them to jointly cover the unpaid debts to BTS.”

 

By Puntid Tantivangphaisal

Photo courtesy of KhaoSod

 

Full story: The Thaiger 2024-07-26

 

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[hotchilli]

14 hours ago, snoop1130 said:

The Supreme Administrative Court upheld a ruling requiring Bangkok Metropolitan Administration (BMA) and Krungthep Thanakom Company to pay BTS Group Holdings over 12 billion baht in outstanding debts related to the Green Line extension project within 180 days.

Ouch !!!

[fondue zoo]

Is a cheque okay?

[BobDobbs]

This reminds me of the construction company (??) that went bankrupt over non payment and decades of legal wrangling of the elevated highway built heading out of Bangkok. Had an odd western name as I recall.

 

Wonder how Srettas stupid money giveaway to the plebs (some 14B THB was it?) will be affected 🤣🤣 not.

 

Thailand better get its economic shi+ together. It's losing handily to regional neighbors, personal and public debts are absolutely out of control. The private debt is something like 90% GDP. The education system is an absolute disaster therefore they are unable to produce much innovation or even involve themselves and high technology and industry. Meanwhile all of the oligarchs and players stab each other in the back over control of government and its purse. I think they are in real danger of breaking something that cannot be fixed.

 

Seniors and their care also something to be considered.

 

They must pay it. Who will build anything or loan them any money?

[john donson]

15% interest on that 12 billion, hope they add it

[Watawattana]

I walked down Sukhumvit last night.  I swear I saw some Government officials playing banjos badly, with caps in front of them and signs saying "Please Give Generously".

[Muhendis]

I am very pleased to confess that I don't live in Bangkok...........

 

BMA revenues are derived from its own regular income and supplementary fund. Sources of regular revenue come from local taxes, fees, fines, permits, service charges, rental of BMA assets, utilities, and enterprises. Supplementary funds come from the government's subsidies and the interest of the BMA reserve.

Source: 

http://iad.bangkok.go.th › sites › files › section4_2

 

 

Cost of living in Bangkok is going to go up methinks.

[khlongtoey]

time for the government to take back all "public transport" , neoliberalization leads to even worse inequality

[harryviking]

6 hours ago, hotchilli said:

Ouch !!!

😫😫

[BobDobbs]

2 hours ago, Muhendis said:

I am very pleased to confess that I don't live in Bangkok...........

 

 

And?

 

You think transport will be halted or you just can't deal with the Big Mango 🥭?

[Muhendis]

1 hour ago, BobDobbs said:

 

And?

 

You think transport will be halted or you just can't deal with the Big Mango 🥭?

 

And?

 

Read the full text of my post and try to understand. The cost of living in Bangkok is likely to rise due to this outstanding payment.

 

Big Mango?  You live in a big mango?

 

If you're talking about a slang term for Bangkok it's a great place to come home from.........🙂

[orchis]

6 hours ago, BobDobbs said:

This reminds me of the construction company (??) that went bankrupt over non payment and decades of legal wrangling of the elevated highway built heading out of Bangkok. Had an odd western name as I recall.

Hopewell.
 

[realfunster]

On 7/27/2024 at 12:18 PM, khlongtoey said:

time for the government to take back all "public transport" , neoliberalization leads to even worse inequality

Hmmm, you mean government owned like the “old” Thai airways ? I’m still waiting for my bond investment in Thai to be reinstated 4 years after it was written off due to mismanagement and corruption.

 

My general experience of Thai government departments is one of slow, convoluted, over-staffed and occasionally corrupt organisations. Is yours different ?