Thailand’s Civil Court today ordered Deves Insurance to pay nearly Bt2 billion to the Zen Department Store owned by the Central Group for the severe damage sustained by its Ratchaprasong complex during Bangkok’s political upheaval in 2010. 

Central earlier filed suit against the insurer for failing to pay for the damage. Deves claimed that it was an act of terrorism which was not included in the Central insurance policy.

The court ruled that the protest during which the department store was burnt was neither a political threat nor a demonstration meant to create fear among the public.

Central World building after burning
The burning and intrusion into Zen Department Store were uncomplicated, and the arsonists were not trained for such an activity, the court said. | Picture : Camilla Davidsson

The court ruled that the protest during which the department store was burnt was neither a political threat nor a demonstration meant to create fear among the public.

Deves Insurance was ordered to pay a compensation of Bt1.647 billion plus a punishment fee of Bt329 million for its initial refusal to pay for the damage. The insurer is subject to pay 7.5 per cent interest from the day Central filed the lawsuit with the court. (MCOT online news)
Read More Here : Central to get Bt2 billion compensation from 2010 crisis burnout | MCOT.net

About the author

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Sign Up for Our Newsletter

Get notified of our weekly selection of news

You May Also Like

Thai cabinet approves new minimum daily wages rate table

The Cabinet approved a standard wage rate for workers in three occupational groups that possess a certificate from the Department of Skill Development (DSD).

How to Establish a Branch Office in Thailand

Establishing a branch office in Thailand can be more complex, costly, and timely when compared to incorporating a private limited company. However, the advantage of a branch office is that it can be 100 percent foreign-owned.

Asia-Pacific: Companies face rising credit risks despite shorter payment delays

Coface’s 2022 Asia Corporate Payment Survey, conducted between November 2021 and February 2022, provides insights into the evolution of payment behaviour and credit management practices of about 2,800 companies across the Asia Pacific region during another pandemic year.