Australian gold mine to sue Thai govt for compensation

[webfact]

Australian gold mine to sue Thai govt for compensation
By The Nation

 

 

PHICHIT: -- An Australian gold mine company is seeking measures to file for compensation from the Thai government, which it claimed violated the Thailand-Australia Free Trade Agreement (TAFTA) by ordering the closure of its gold mine in Phichit.

 

Kingsgate Consolidated chief executive Greg Foulis said on Monday that the company will submit a petition to the prime minister asking for a meeting on the implementation of TAFTA, after 11 months of failed attempts to meet with Thai government officials.

 

Foulis said that the company has to seek measures to protect its rights on investment support and protection under TAFTA to mitigate the problems from the Chatree gold mine closure.

 

He said that if there is no mutual conclusion from the discussion, the company will proceed to international arbitration.

 

“The company is still looking forward to meeting and discussing mutual solutions with the Thai government as we invested in Thailand for more than 15 years,” he said in a statement.

 

Source: http://www.nationmultimedia.com/news/national/30311262

 

-- © Copyright The Nation 2017-04-04

[AGareth2]

only waited 11 months for a response!

well good luck!

[Thechook]

Dont invest in Thailand you will get screwed over.  Good luck if it was in a Thai court you would have buckley's.  

[janclaes47]

18 minutes ago, webfact said:

Australian gold mine to sue Thai govt for compensation

 

Good luck with that one. Even if they win the case in an International court, they will have to wait +20 years, and luck that they can impound 2 Boeing's 737 from a certain Thai person, before they will see any compensation.

[Reigntax]

3 minutes ago, janclaes47 said:

 

Good luck with that one. Even if they win the case in an International court, they will have to wait +20 years, and luck that they can impound 2 Boeing's 737 from a certain Thai person, before they will see any compensation.

 

Whatever time it takes, the company must protect the shareholders investments. Time is irrelevant as losses due to contract breach and interest will form part of the claim. Its will not be heard in a Thai court so i doubt the time to receive a decision will be anywhere near 20 years, although that time would fit in nicely with Prayuths fictional roadmap.

 

 

[johng]

Dont invest in Thailand you will get screwed over.  Good luck if it was in a Thai court you would have buckley's.  

70% drop in FDI seems to agree with that.

[janclaes47]

1 minute ago, Reigntax said:

 

Whatever time it takes, the company must protect the shareholders investments. Time is irrelevant as losses due to contract breach and interest will form part of the claim. Its will not be heard in a Thai court so i doubt the time to receive a decision will be anywhere near 20 years, although that time would fit in nicely with Prayuths fictional roadmap.

 

 

 

I think you missed my point.. A German construction company, the one who constructed the Rangsit elevated tollway, who was awarded a huge sum of money by a international court.

 

The Thai government refused to recognize the court ruling, as is common with this superior race, so drastic measures were needed.

 

A spokesman for the bankruptcy administrator of German construction firm Walter Bau AG said the plane was seized on Tuesday because of the Thai government's refusal to pay $42 million it owes the company.

The Thai government owes the now-bankrupt builder the money under a contract agreed to more than 20 years ago to build and operate a toll highway to Bangkok's Don Muang airport, Alexander Goerbing said.

The "drastic measure" of seizing the Royal Thai Air Force's plane amounts to "the last resort" to secure the payment, a claim that courts and a ruling by an international arbitration panel in 2009 have declared legitimate, he added.

[4MyEgo]

4 minutes ago, janclaes47 said:

 

I think you missed my point.. A German construction company, the one who constructed the Rangsit elevated tollway, who was awarded a huge sum of money by a international court.

 

The Thai government refused to recognize the court ruling, as is common with this superior race, so drastic measures were needed.

 

 

 

Karma, hope its enough compensation for the builder once sold ?

[Reigntax]

3 minutes ago, janclaes47 said:

 

I think you missed my point.. A German construction company, the one who constructed the Rangsit elevated tollway, who was awarded a huge sum of money by a international court.

 

The Thai government refused to recognize the court ruling, as is common with this superior race, so drastic measures were needed.

 

 

 

 

Understood what you meant but the issue you mention was probably delayed by the situation of the company being bankrupt, possible receivers and managers, what funds the company had to chase the debt while being administered and whether the costs of chasing it were beneficial to the creditors.

 

 

 

[ChrisY1]

I hope they've "decommissioned" the equipment that remains on the mine properly.....it would be a shame to have machinery worth millions fall into the hands of some local opportunists!

They have a very legitimate case for compensation and it should be a warning to potential investors.....especially with the issuance of a government contract......tin pot regimes often do what they feel like!

[catman20]

good luck with that one 

[malcoml]

So its not just the little guy getting shafted.

[SOUTHERNSTAR]

2 hours ago, 4MyEgo said:

Karma, hope its enough compensation for the builder once sold ?

No they paid as it was some ones toys. Cant go into details.

[elgordo38]

This is happening all over Asia look at the Philippines. My crystal ball is telling me that these countries are just waiting for mining companies to spend millions and billions and once the mines are up and running they play the environment card. Not to say these countries are not right in some cases over the years. The governments can then leverage the miners into higher royalty payments or take them over. A lot of miners are looking closer to North America for prospects. I think this will have a bearing on future gold mining. Miners will become more selective in where they choose to do business. My future prediction BUY GOLD!!

[JAG]

I rather doubt that they will ever see any compensation, whatever the courts decide.
That said, maybe they will cause enough fuss to concentrate the minds of anyone investing or contemplating investing - if anyone still is that is.

[the guest]

Any contract written in Thailand isn't worth the paper it's written on, especially when it comes to foreigners.

[Thechook]

23 minutes ago, the guest said:

Any contract written in Thailand isn't worth the paper it's written on, especially when it comes to foreigners.

Any small or corporate person would be crazy to invest in a military junta in any country.

[4MyEgo]

4 hours ago, SOUTHERNSTAR said:

No they paid as it was some ones toys. Cant go into details.

Ah yes the country went straight over the top, then I put one and one together and realised what you are talking about, and a fair outcome I am sure, personally would have held onto it after I got the money for as long as they held out so as to let them feel what their actions actually do when the ball is in someones court, outside of theirs, tit for tat, yes, but revenge is bitter sweet 555

Edited April 4, 2017 by 4MyEgo

[TallGuyJohninBKK]

Everyone here is talking re the investment aspect by the Australian company.

 

But no one seems to be noticing the photo accompanying the OP article, and what a "terrific" job that company has done of preserving and restoring the local environment/ecology at their mine site.

 

Just what Phichit needed: an enormous, barren dirt pit. Perhaps it's now a future garbage landfill waiting to happen.

 

[tagalong]

Tallguyjohnie BKK   You must still believe the Earth is FLAT with what u said....

 

 

[johng]

Why/how would the mining company restore or rehabilitate the ecology when the their assets have been stolen

Any way the hole can be called "a monkey cheek" and that's ok.

[oldsailor35]

On 4/4/2017 at 2:29 PM, malcoml said:

So its not just the little guy getting shafted.

No, its Thai practice !

[oldsailor35]

On 4/4/2017 at 11:39 PM, TallGuyJohninBKK said:

Everyone here is talking re the investment aspect by the Australian company.

 

But no one seems to be noticing the photo accompanying the OP article, and what a "terrific" job that company has done of preserving and restoring the local environment/ecology at their mine site.

 

Just what Phichit needed: an enormous, barren dirt pit. Perhaps it's now a future garbage landfill waiting to happen.

 

But that was not a surprise to anyone , and would have been considered  from the beginning.