The government will not file civil compensation claims against telecom companies for possible losses to the state caused by past amendments to concession contracts, says Finance Minister Korn Chatikavanij.

Mr Korn said civil claims against local telecom firms would only penalise existing shareholders, who were not involved in past changes to concession agreements that may have been illegal.

“The [Supreme Court] verdict [in the Shinawatra family assets case] has nothing to do with current shareholders,” said Mr Korn.

“Although it is the same entity, [current shareholders] did not benefit nor were they involved [in the amendments]. To reverse the concession would only damage [current shareholders].”

Shin Corp
The Supreme Court last month ordered the seizure of 46 billion baht in assets from the family of former prime minister Thaksin Shinawatra for implementing policies that benefited his personal interests, namely his shareholdings in telecom giant Shin Corp, mobile operator Advanced Info Service and satellite operator Thaicom.

via Govt won’t sue telcos.

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

2023 Mergers and Acquisitions Trends in Asia

Asia is a diverse and dynamic region that offers many opportunities for M&A deals in 2023. Here are some of the key trends and drivers that will shape the M&A landscape in Asia in 2023.

How Thailand Benefits from China’s Post-Pandemic Boom

Besides tourism, Thailand also benefits from China’s post-pandemic boom in terms of trade and investment. China is Thailand’s largest trading partner and a major source of foreign direct investment (FDI).

Chinese outbound M&A has fallen by 90% since 2016

The decline has been driven by the reinstatement of capital controls, which has made it hard for Chinese companies to obtain loans for overseas M&A, and greater scrutiny of foreign attempts to buy Western companies in sensitive sectors