Fox blacklists Bangkok Bank in guarantee dispute
By WATCHIRANONT THONGTEP 
THE NATION

 

Gandevia

 

BANGKOK: -- FOX NETWORKS Asia, a global entertainment and sports content distributor, has put Bangkok Bank on its blacklist for future business agreements with local partners after Thailand’s biggest bank failed to honour guarantees it issued for CTH and GMM Grammy.

 

“We have zero confidence in dealing with Bangkok Bank particularly related to unconditional bank guarantees issued for the two pay-TV operators,” Zubin Gandevia, president for Asia-Pacific and the Middle East for Fox Networks Group, said yesterday

 

“Our company had sent 20 letters to Bangkok to remind Bangkok Bank about this matter last year but no feedback until now.” 

 

Full story: http://www.nationmultimedia.com/news/business/corporate/30302594

 

-- © Copyright The Nation 2016-12-22

“Our company had sent 20 letters to Bangkok to remind Bangkok Bank about this matter last year but no feedback until now.” 

 

Maybe they don't understand English?

Let that be a lesson learned about doing business in Thailand. There is no honor even among the big names

Welcome to Thai business practices. It isn't just the banks. Good luck Fox you are going to need it.

Defamation charges coming????....


Sent from my iPhone using Thaivisa Connect

2 hours ago, webfact said:

“Our company had sent 20 letters to Bangkok to remind Bangkok Bank about this matter last year but no feedback until now.” 

 

Postman, him velly sick...cannot deliver letter many many days....dog him eat all letters. 

Would it not be refreshing if Banks just did what they were built for.Guarding the Money earned by Wealth Creators and Working Folk.They have never earned a dime by Honest Toil ,yet they have become bigger Parasites in the US than any Mafia ever were


Sent from my iPhone using Thaivisa Connect

Don't get upset, get up and go to the next bar. Sounds like Fox is doing something like that suggestion that most all of us have heard and even heeded. Would be very stupid to do business with Bangkok Bank again after the first time didn't turn out so well, good on you Fox.

For whatever reason a Bank reneging on a bank guarantee is not good news for the customer and certainly problems for the bank in the future... financial institutions tend to make  a note of these things.

I suspect a Bangkok Bank guarantee might not be so readily accepted in the future

3 hours ago, honoluludave said:

Let that be a lesson learned about doing business in Thailand. There is no honor even among the big names

I'd be going easy on holding up Fox as a great example of honour. It is a stablemate of News Corporation.

It's a rather curious article...

 

It doesn't say it, but I'm assuming the guarantee comes into play because the cable television operations of both CTH and GMM have both gone basically belly up?

 

And, The Nation writes this entire article, but then has not a single sentence from BKK Bank responding to WHY they haven't made good on their guarantees.

 

I'd at least be interested in hearing their side of the dispute.

 

But all in all, not a very good development for BKK Bank reputation-wise.

 

--------------------------------------

 

I see in a prior article there was this pretty non-informative response from BKKB:

 

"In response to this action, both Bangkok Bank and GMM Grammy issued separate statements to clarify their situation regarding these legal cases. 

Kanit Si, executive vice president of Bangkok Bank, said in the statement that his bank had issued a bank guarantee to CTH but CTH insisted that Fox had breached its contract. The bank declined to comment further as the legal case is still under court review. 

GMM Grammy’s corporate department also issued the same statement, which stated that Fox was the one that had violated the contract."

 

http://www.nationmultimedia.com/news/business/corporate/30302192

 

Perhaps the bank and CTH are claiming Fox violated the agreement because at some point Fox pulled their programming because of non or late payment under the contracts???

 

Edited December 22, 20169 yr by TallGuyJohninBKK

a friend at a major north american law firm sent a letter of inquiry/intent to a thai company regarding distributing their products (letter was translated to thai) sent registered.

 

no reply. not even a letter of acknowledgement.

2 hours ago, Sphere said:

 

Postman, him velly sick...cannot deliver letter many many days....dog him eat all letters. 

not just khon kaen then

 

An off topic  post about US banks and one reply have been removed

43 minutes ago, TallGuyJohninBKK said:

It doesn't say it, but I'm assuming the guarantee comes into play because the cable television operations of both CTH and GMM have both gone basically belly up?

 

 

And the end of CTH earlier this year:

 

Quote

 

End of broadcasting service

In November 2015, CTH began to revoke its service via over 170 local cable service providers after they turned the focus into satellite-TV after the merger of GMM B. ^[17] In the same month, they loss Premier League bid for the next 3 seasons to beIN Sports with a lower price than theirs from the last three years.

In late January 2016, CTH cancelled its Z Pay-TV packages provided for GMM Z customer following by the cancellation of its channels on PSI and RS Sunbox packages in February 2016. ^[18]

On 1 August 2016, CTH ceased its KU-band broadcast via Thaicom satellite after laid off its around 100 employess and announced to cease all of their broadcasting service on 1 September 2016 after its rival TrueVisions acquired sub-licensing rights to broadcast Premier League from beIN Sport until 2019. CTH said it can no longer withstand the impact of the economic slowdown. ^[19]

CTH ceased all of its broadcasting service on 1 September 2016 along with the closure of its website.

CTH reportedly has a massive losses of almost 20 billion baht. ^[20]

 

 

https://en.wikipedia.org/wiki/CTH_(company)

 

Quote

 

GMM Z

GMM Z Co., Ltd. is a subsidiary of GMM Grammy who producing and distributing satellite television set-top boxes airing free-to-air channels and its own content.

It formerly operated Z PAY TV, a pay television platform offering premium and exclusive content such as German Bundesliga, UEFA Euro 2012 and channels from FOX International Channels before it sold to CTH.

 

 

https://en.wikipedia.org/wiki/GMM_Grammy#GMM_Z

Edited December 22, 20169 yr by TallGuyJohninBKK

This item was first published last week and I had wondered how long the Thais could keep this   quiet locally.  Putting aside one's personal views on Fox, this is heavy duty because it calls into question the reliability of a financial guarantee from Bangkok Bank. Basically, it will be seen as worthless. This means that any other firm who have used a guarantee from the Bank could be in serious trouble if the firms holding the guarantee invoke their protection rights or do an early call and demand a change in guarantor.  

 

My bank switched its correspondent bank from SCB to Bangkok Bank 2 years ago. There were some very legitimate reasons why the change was made. However, if this is how the bank behaves, I don't want to have anything to do with them. I expect that there will be a renewed interest in Canadian Scotia Bank's 49% owned Thai bank Thanachart. It is one of the few western influenced banks in Thailand. 

If memory serves, Bangkok Bank has a pretty substantial minority shareholding stake from various entities outside of Thailand. But I'm not sure that translates into much in terms of the operational/management decisions made by the Thai executives who run the bank.

 

Bank of Ayudhya/Krungsri, on the other hand, has a more substantial non-Thai component via its dominant Japanese shareholding interest and what appears to be a current CEO who I presume is Japanese.

 

Quote

On 18 December 2013, The Bank of Tokyo - Mitsubishi UFJ, Ltd. (BTMU), the wholly owned subsidiary of Mitsubishi UFJ Financial Group (MUFG), Japan's largest banking group and one of the world's largest and most diversified financial groups, replaced GE Capital as the major shareholder of Krungsri.

Noriaki Goto
(President and CEO)

Major shareholders^[1]

Rank	Major Shareholders	Shares #	Shares %
1	The Bank of Tokyo-Mitsubishi UFJ, Ltd. BAY Account	5,655,332,146	76.88
2	Stronghold Assets Company Limited	166,536,980	2.26
3	The Great Luck Equity Company Limited	166,478,940	2.26
4	GL Asset Company Limited	166,414,640	2.26
5	BBTV Satelvision Company Limited	166,151,114	2.26

As of 11 September 2015

 

https://en.wikipedia.org/wiki/Bank_of_Ayudhya

2 hours ago, Ace of Pop said:

Would it not be refreshing if Banks just did what they were built for.Guarding the Money earned by Wealth Creators and Working Folk.They have never earned a dime by Honest Toil ,yet they have become bigger Parasites in the US than any Mafia ever were


Sent from my iPhone using Thaivisa Connect

It was your president Nixen that divorced the Dollar from the gold standard and cancelled  the Bretton Woods agreement on the advice of Milton Friedman -- the result has meant the dollar has lost 96% of it's value since 1913 and the banks have just been printing more and more currency on the misguided idea that all is well, when they are actually digging a bigger hole for the world currencies to fall in to ,and there won't be any bail out this time !!

Does it not cross anyone's mind the millions of people ,who unlike Banks N Beggars live within their means and don't need contrived Bailouts


Sent from my iPhone using Thaivisa Connect

Named and shamed. Oooooh... the drama. I smell a lawsuit cooking.

 

Meanwhile, I think all this means tourism is up 84.2%.

7 hours ago, webfact said:

“Our company had sent 20 letters to Bangkok to remind Bangkok Bank about this matter last year but no feedback until now.” 

 

I thought I was the only one that got no response here. Please please do not take away Fox News. I hope to be a contributor one day. I must figure out where the cashiers cage is as I expect to get paid for my sterling comments. 

9 minutes ago, Ace of Pop said:

Does it not cross anyone's mind the millions of people ,who unlike Banks N Beggars live within their means and don't need contrived Bailouts


Sent from my iPhone using Thaivisa Connect

Gee I hope I get a COLA bailout this year. Poor Canadians are only getting a .55 cent a month increase in their OAS payments starting in January and thats before taxes. All relief payment to foreign countries are full steam ahead. Guess seniors are becoming collateral damage. I wish I had known this 50 years ago. Oh woe is me. 

Edited December 22, 20169 yr by elgordo38

1 hour ago, andy8017 said:

It was your president Nixen that divorced the Dollar from the gold standard and cancelled  the Bretton Woods agreement on the advice of Milton Friedman -- the result has meant the dollar has lost 96% of it's value since 1913 and the banks have just been printing more and more currency on the misguided idea that all is well, when they are actually digging a bigger hole for the world currencies to fall in to ,and there won't be any bail out this time !!

But there will be a bail in. Your money going into the pot to help bail out the banks greed and voracity. The Feds, big banks, governments have to keep you in the paper corral. If you ever sense that gold is the only true measure of value a stampede will occur. 

2 hours ago, geriatrickid said:

This item was first published last week and I had wondered how long the Thais could keep this   quiet locally.  Putting aside one's personal views on Fox, this is heavy duty because it calls into question the reliability of a financial guarantee from Bangkok Bank. Basically, it will be seen as worthless. This means that any other firm who have used a guarantee from the Bank could be in serious trouble if the firms holding the guarantee invoke their protection rights or do an early call and demand a change in guarantor.  

 

My bank switched its correspondent bank from SCB to Bangkok Bank 2 years ago. There were some very legitimate reasons why the change was made. However, if this is how the bank behaves, I don't want to have anything to do with them. I expect that there will be a renewed interest in Canadian Scotia Bank's 49% owned Thai bank Thanachart. It is one of the few western influenced banks in Thailand. 

UOB is Singapore owned; not western, but not your staple Asian, either. And incompetence all too often rules there.

3 hours ago, geriatrickid said:

This item was first published last week and I had wondered how long the Thais could keep this   quiet locally.  Putting aside one's personal views on Fox, this is heavy duty because it calls into question the reliability of a financial guarantee from Bangkok Bank. Basically, it will be seen as worthless. This means that any other firm who have used a guarantee from the Bank could be in serious trouble if the firms holding the guarantee invoke their protection rights or do an early call and demand a change in guarantor.  

 

My bank switched its correspondent bank from SCB to Bangkok Bank 2 years ago. There were some very legitimate reasons why the change was made. However, if this is how the bank behaves, I don't want to have anything to do with them. I expect that there will be a renewed interest in Canadian Scotia Bank's 49% owned Thai bank Thanachart. It is one of the few western influenced banks in Thailand. 

Scotia are trying to sell their stake in Thanachart - and never had much control anyway.

30 minutes ago, elgordo38 said:

Gee I hope I get a COLA bailout this year. Poor Canadians are only getting a .55 cent a month increase in their OAS payments starting in January and thats before taxes. All relief payment to foreign countries are full steam ahead. Guess seniors are becoming collateral damage. I wish I had known this 50 years ago. Oh woe is me. 

Dont Your French Masters make You run Home at their wlil, every few months or they write you off the list for Medicare you allready paid fo, nasty little Froggy Folk.

Given that Fox Networks is part of 21st Century Fox, a mega conglomerate,

I think they can utilize their influence/power to met out some justice (German Style).

 

Recall the international arbitrage case, where the German government impounded a private jet,

to illicit payment of overdue fees, on behalf of a bankrupt German construction firm.

If the opportunity would present itself,  Fox should instigate something similar, and ask for 50 times the due amount

(need to account for lost revenue, accrued interest and general lack of professionalism).

I can guarantee you, Somchai will start replying to those letters.

Edited December 22, 20169 yr by varun

16 minutes ago, Ace of Pop said:

Dont Your French Masters make You run Home at their wlil, every few months or they write you off the list for Medicare you allready paid fo, nasty little Froggy Folk.

Not French. You loose one point. 

If a bank does not honor it's promissory notes, what would make it honor it's debentures and bonds?

57 minutes ago, elgordo38 said:

Gee I hope I get a COLA bailout this year. Poor Canadians are only getting a .55 cent a month increase in their OAS payments starting in January and thats before taxes. All relief payment to foreign countries are full steam ahead. Guess seniors are becoming collateral damage. I wish I had known this 50 years ago. Oh woe is me. 

Dont Your French Masters make You run Home at their wlil, every few months or they write you off the list for Medicare you allready paid fo, nasty little Froggy Folk.  I went to Quebec once, full of Anti Brits, am Short Fat Grunting Men smoking Gittanes, so i rushed back to a rather pleasant Vancouver where nice Canadian folk lived..  Isnt The Frog Trudeau Clan a Thaksin Replica  over there.?. long time ago now, out of touch..