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AIS delighted! after the arbitrator has ruled that they do not have to pay billion to CAT.
The Arbitral Tribunal issued the award, which ruled that AIS does not have to pay CAT in billion after CAT submit the dispute of the Agreement to operate cellular telecommunication services against DPC, the AIS subsidiary company. CAT demands DPC to transfer telecom equipment ownership consisting of 4,657 telecommunication towers, 3,012 containers, power supply, mobile number portability system, and call center system, which DPC collectively used with AIS. The total claim for the abovementioned is 13,431 million Baht. CAT also claims for opportunity loss of 116 million Baht per month plus a default interest rate at 7.5% per annum from the date of dispute submission.
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On January 14, 2020, AIS report the progress of legal dispute between DPC and CAT on transferring telecom equipment to the Stock Exchange Thailand as follows; “Referring to the dispute that CAT Telecom Public Company Limited (“CAT”) submitted to the Thai Arbitration Institute on January 31, 2018, regarding the Agreement for operations regarding cellular telecommunication services between CAT and Digital Phone Co., Ltd. (“DPC”), the subsidiary company of Advanced Info Service PLC. (“the Company” or “AIS”) which has already expired.”
“The Company would like to inform that DPC has received the Arbitration Committee resolution which resolved to dismiss the CAT’s dispute. As a result, DPC is not obliged to transfer telecom equipment nor make payment for opportunity loss or any claims by CAT. However, CAT is eligible to file a petition to the Central Administrative Court to revoke the Arbitration’s resolution within 90 days. Should there be any further significant update, the Company will inform accordingly”, AIS added. Since this dispute is not yet to be concluded, for further update on this case, please visit www.thac.or.th.
Sources : https://investor.ais.co.th/newsroom/140120211731340955T.pdf
Sources : https://www.prachachat.net/finance/news-594488
