Court rejects Thai TV's request for protection of its 1.6 billion baht bank guarantee

[webfact]

Court rejects Thai TV's request for protection of its 1.6 billion baht bank guarantee



BANGKOK: -- The Central Administrative Court has rejected Thai TV’s request for a court’s injunction for the protection of its 1.6 billion baht bank guarantee from being seized by the National Broadcasting and Telecommunications Commission.

In its ruling delivered on March 22, the Central Administrative Court said there was not enough reason for the court to accept the Thai TV’s request for temporary protection prior to a verdict by another regarding a lawsuit filed against the NBTC by Thai TV.

The court said that the NBTC has given three notifications to Thai TV to pay up the second installment and license fees but the latter had failed to come up with the required payments within deadlines.

The default in payments has prompted NBTC to revoke the two digital TV licenses of Thai TV. But the broadcasting regulator has refrained from confiscating the bank guarantee pending the Administrative Court’s ruling.

NBTC vice chairman Colonel Nathee Sakolrat said now that the Administrative Court has delivered its ruling, the NBTC would use the bank guarantee to force 1.6 billion baht payment from the Bangkok Bank on behalf of Thai TV.

Source: http://englishnews.thaipbs.or.th/content/157182


-- Thai PBS 2016-03-29

[thesetat2013]

Only in Thailand would someone request to protect their money knowing that they signed legal documents to use that money for that new license and their fees. They actually think the courts are going to freeze their monies so the NBTC can't collect on default.

[Bluespunk]

''NBTC vice chairman Colonel Nathee Sakolrat said now that the Administrative Court has delivered its ruling, the NBTC would use the bank guarantee to force 1.6 billion baht payment from the Bangkok Bank on behalf of Thai TV.''

Will this effectively force them out of business?

[trogers]

I wonder what went through the minds of these investors when they first bid for their license...

[jacko45k]

Only in Thailand would someone request to protect their money knowing that they signed legal documents to use that money for that new license and their fees. They actually think the courts are going to freeze their monies so the NBTC can't collect on default.

Must be the only guys in the country who thought they only lent the money and actually believed they would get it back!

Thailand don't do refunds.

[bark]

I wonder what went through the minds of these investors when they first bid for their license...

Their asses went through their minds. Very simple.

[gandalf12]

It is called a bond and when payments are not made after several requests the company that is owed the money can lift the bond

[elgordo38]

Only in Thailand would someone request to protect their money knowing that they signed legal documents to use that money for that new license and their fees. They actually think the courts are going to freeze their monies so the NBTC can't collect on default.

Methinks they need a new accountancy department. Bidding on something you cannot pay for? Seems another company did this as well on their winning bid and now cannot pay.

[trogers]

Only in Thailand would someone request to protect their money knowing that they signed legal documents to use that money for that new license and their fees. They actually think the courts are going to freeze their monies so the NBTC can't collect on default.

Methinks they need a new accountancy department. Bidding on something you cannot pay for? Seems another company did this as well on their winning bid and now cannot pay.

I don't believe the investors mindset was geared to losing money when they submitted their bid. I suspect they thought that securing a license would be a windfall, like AIS was.

Unfortunately, time and tide has changed.