Govt will lose gold mine dispute due to Article 44 use: academics

[yellowboat]

27 minutes ago, farcanell said:

That too, is arbitrary, and an abuse of power.... thailand would loose that case as well.

Not sure what business would touch Thailand with a 10 foot pole after they have seen the junta's behavior.  Maybe the reprimand the good general gets on the world stage will be a lesson for those who crave autocracy.    

[Cadbury]

1 hour ago, fxe1200 said:

It is well known, that the goldmine was polluting the water. Large amounts of arsenic has been found in the blood of the residents living close to the mine.The mine was poorly managed and not observing environmental laws, which are implemented within the law books, but as always they were not enforced.  To suspend the operation of this mine and others, is one of the rare decisions of the PM, I strongly approve.

There was no evidence ever produced that the mine and the water was polluted. What you are saying is simply not true.

 

Thailand'sIndustry Minister Atchaka Sibunruang acknowledged investigations had been unable to "confirm that the gold mine causes heavy metal and cyanide contamination in the environment and people's sickness".  

 

It was simply a concocted story by some lobby group to try to extort some money from the company claiming compensation.

 

Prayut stole the company's ownership share which was 48% using Article 44 simply because it was producing 130,000 ounces of gold and 14 tonnes of silver annually. It also employed 1,100 people. He wanted the lot to himself and his cronies.

 

At the time of these false claims last year a visit to the site by four government ministers drew 3,500 supporters of the mine and 500 protesters. 

[Cadbury]

10 minutes ago, farcanell said:

".....the mine should have been required to demonstrate its adherence to the mining lease contract requirements.... and if it was not adhering to set pollution parameters".

The company obviously did because the Minister made this statement.

 

Thailand's Industry Minister Atchaka Sibunruang acknowledged investigations had been unable to "confirm that the gold mine causes heavy metal and cyanide contamination in the environment and people's sickness".  

[farcanell]

6 minutes ago, yellowboat said:

Not sure what business would touch Thailand with a 10 foot pole after they have seen the junta's behavior.  Maybe the reprimand the good general gets on the world stage will be a lesson for those who crave autocracy.    

I hope so.... not because I want to see mr p taken down a notch, but because the Thai people would benefit from "structured" international investment schemes, and any spin off in transparency would be one hell of a bonus

[Reigntax]

3 hours ago, lapamita said:

As an intrested investor , i  follow any article on this story from beginning.

 

1. there was10 local companyzs cant prove wrongdoing on KCG ,after the leader  hires 3 foreign companys , they can prove any wrongoing too

2. even  after the  "Npn fondings" licence was revoked

3.A suspicous take over Offer from a thaibuissensman , Natrunning Pan pacific pretorleum , a non working offshore company .related to the giverment make an take over offer, about 95% below fair value, with the staement of" if i get 50,1% of KCG , we is able to open mine again within 3 month.

4. The Goverment was palying on time, due to insufficend  funds from KCG for the case, but KCG survived and bring the caseto court

5. during the time The Goverment WAS NOT IN ANY NEGOCCIATION AND TALKS WITH KCN

6.Tonghka harbour another goldminie was sized during the last militray goverment in , i think 2008

7. KCG was as well able to pay back all depts to taimilitarybank until  mid 2017,so akara is free of depts

8.even now,they dont want pay cash compensation, but comfirmed "other benefits"..... i know what this means,................

 

 

Anyone able to translate gibberish?

[Cadbury]

16 minutes ago, yellowboat said:

Not sure what business would touch Thailand with a 10 foot pole after they have seen the junta's behavior.  Maybe the reprimand the good general gets on the world stage will be a lesson for those who crave autocracy.    

You are quite right. No sensible foreign investor would come anywhere near Thailand knowing these are the antics that Prayut Chan-o-cha gets up to.

With Kingsgate going to the International Court to "exercise its rights as a protected Australian investor under the Australia-Thailand Free Trade Agreement" the case is sure to receive world wide publicity.

Prayut and his arbitrary use of Article 44 is certain to be highlighted in court as should his proudly announced statement about his "absolute power" and "I can do whatever I like". That should go down well with the judges.

[Oziex1]

And in the end it's a misunderstanding, you understand.

[Media1]

Invest in Thailand and get robbed by coup leaders. 

What type of PM allows such broad daylight robbery. His job was to give the country a honest upstanding image. This guy is not suited to lead soi dogs to the troth.

[Media1]

1 hour ago, Cadbury said:

The company obviously did because the Minister made this statement.

 

Thailand's Industry Minister Atchaka Sibunruang acknowledged investigations had been unable to "confirm that the gold mine causes heavy metal and cyanide contamination in the environment and people's sickness".  

Just a simple robbery and Thai greed. Not smart enough to find so just steel.

[Media1]

1 hour ago, Cadbury said:

There was no evidence ever produced that the mine and the water was polluted. What you are saying is simply not true.

 

Thailand'sIndustry Minister Atchaka Sibunruang acknowledged investigations had been unable to "confirm that the gold mine causes heavy metal and cyanide contamination in the environment and people's sickness".  

 

It was simply a concocted story by some lobby group to try to extort some money from the company claiming compensation.

 

Prayut stole the company's ownership share which was 48% using Article 44 simply because it was producing 130,000 ounces of gold and 14 tonnes of silver annually. It also employed 1,100 people. He wanted the lot to himself and his cronies.

 

At the time of these false claims last year a visit to the site by four government ministers drew 3,500 supporters of the mine and 500 protesters. 

What a lot of bullshit. These people will say and do anything for money. Please pollution  haha. Your funny

[Reigntax]

3 hours ago, Cadbury said:

You are quite right. No sensible foreign investor would come anywhere near Thailand knowing these are the antics that Prayut Chan-o-cha gets up to.

With Kingsgate going to the International Court to "exercise its rights as a protected Australian investor under the Australia-Thailand Free Trade Agreement" the case is sure to receive world wide publicity.

Prayut and his arbitrary use of Article 44 is certain to be highlighted in court as should his proudly announced statement about his "absolute power" and "I can do whatever I like". That should go down well with the judges.

 

Wonder if Prayuth will use his usual " rear end of a baboon" smug type smile when subject to real justice.

[baboon]

2 minutes ago, Reigntax said:

 

Wonder if Prayuth will use his usual " rear end of a baboon" smug type smile when subject to real justice.

I beg your pardon?

[bowerboy]

In 2010 the share price of Kingsgate was $12. The mine sits on a world class resource and there is much more gold and silver that can be extracted with an expected mine life of 20 plus years.

 

Today the share price is 28 cents and the only reason it dropped so much is because this mine closure was rumoured and feared since 2010 when the activism started. For the record I worked with this company and can tell you that it was run to a standard higher than the vast majority of mines in many western countries and it won numerous awards for its approach to health, safety and the environment. The mine manager was Canadian and learnt to speak Thai during his time here. His wife learnt Thai fluently and was extremely active in the local community.

 

Last year a Thai businessman made an offer of 4.2 cents per share for 50.1% of the business which would of been a  total outlay of $9 million dollars. He claimed he could make all the problems go away and get the mine operating again because he had the right connections.

 

So if the mine was brought back to its former glory and the share price hit $12 again then said businessman would make a profit of $2.5 BILLION dollars! 

 

Don't believe me? Read the articles below:

 

https://thewest.com.au/business/finance/thai-tycoon-launches-bid-for-kingsgate-ng-ya-118478

 

http://www.theaustralian.com.au/business/mining-energy/thai-bid-for-ailing-gold-miner-kingsgate/news-story/841f17924b18f5ba541a2d21af44db8f

 

They could never close the mine for real legal reasons because the mine was operating with impeccable standards.

 

There was only one way the mine could be closed and the share price brought to those levels.

 

You do the maths.

 

Welcome to the land of smiles.