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“TRUE“ won the case against “TOT” after the Court revoke the arbitral award.
The Administrative Court revoked the arbitration award regarding the dispute concerning ADSL service.
As a result, “TRUE” has won the case and no longer requires paying TOT a 7.6 billion baht plus interest payment for breaching the contract.
On 28 October 2005, TOT Public Company Limited (“TOT”) had filed a notice of arbitration against TRUE, claiming that TRUE was in breach of the Joint Operation and Joint Investment Agreement in providing high-speed internet (ADSL) service or allowing other parties to make use of the said system’s equipment to provide ADSL service and also claimed for the damages from TOT’s lack of revenue from ADSL service.
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Later, on 4 September 2018, TRUE had received the award rendered by the Arbitral Tribunal ordering the Company to pay TOT penalty for a breach of contract as follows: (1) an amount calculated from September 2001 to August 2015, totaling 59,120.65 million baht and interest of16,978.65 million baht plus interest at the rate of 6.6875 percent per annum of the principal amount of 59,120.65 million baht calculated from September 2015 until the payment is fully made, and (2) an amount calculated from October 2015 to December 2017 totaling 17,076.92 million baht and interest of 1,298.05 million baht plus interest at the rate of 6.6875 percent per annum of the principal amount of 17,076.92 million baht calculated from January 2018 until the payment is fully made. Consequently, on 11 October 2018, TRUE filed a petition to revoke the arbitration award that ordered the Company to pay the damages to TOT for a breach of contract with the Administrative Court.
Recently, on 29 December 2020, Ms. Yupa Leewongcharoen, Group Chief Financial Officer of True Corporation Public Company Limited (“TRUE”), stated in her statement, “The Administrative Court ruled the judgment to revoke the arbitration award and dismissed the petition to enforce the arbitration award regarding the dispute concerning high-speed internet service (ADSL) with TOT Public Company Limited (“TOT”). As a consequence, the Company has no obligations to make any payment pursuant to the arbitration award, which ordered the Company to pay 76,000 million baht with interest.”.
Ms. Yupa further stated that “The Company would also like to inform you that the parties who disagree with the said judgment have the right to appeal against the judgment of the Administrative Court with the Supreme Administrative Court within 30 days as from the date on which the judgment is known. The Company will keep you informed of the material progress of the case should there be any in the future.”.
Sources: Kaohoon Newspaper
