Free Consultant
Updates! Dispute between the Thai government and Kingsgate is a nearly ending saga.
According to “Small Caps”, who’s well known as an Australia top economic news in economic news said that Kingsgate Consolidated the parent company of Akara Resources Public Company Limited is set to receive more than $82 million in compensation from a political risk insurer. After being illegally expropriated by the Thai government in 2016, Sources also said it also included $4.93 million (about 166 million baht) of compulsory contributions from insurers to the Thailand-Australia Free Trade Agreement (TAFTA)
The story seems to go that way. Even the Department of Primary Industries and mining, or “KAPORN” under the Ministry of Industry of Thailand has argued that the issue of the dispute is rumour and it’s not true all are pending arbitration. as well as there is no verdict yet. As the news spread through social media and as understood by foreign news agencies.
Moreover, Niran Yingmahisaranon Director-General, Department of Primary Industries and Mines explained the issue that all information are characterized by continuous ingestion of false information. to create confusion among the public and emphasized that there is no award from international arbitration in any way. In addition, both parties are still in the process of mediation negotiations together.
Although both sides of the data seem to contradict each other. But from the statement of Kingsgate Consolidated Via their website about the latest dispute on September 23, that the negotiations between the Thai government and the company are at the final stage. Recently, Kingsgate has been informed that the arbitral tribunal is now ready to deliver its award after a long period of deliberation.
In addition, Kingsgate and the Thai government agreed to request that the arbitral tribunal hold an award until October 31, so that both sides have a time frame to conclude negotiations in detail to settle this dispute
Of course, the outcome of the dispute remains vague and unclear, but THAC believes the arbitrator’s decision will be out soon. Stay tuned with us here.
For further information, please contact THAC!
