Thailand’s Supreme Court has ordered six insurance companies to pay the Stock Exchange of Thailand (SET), Thailand Securities Depository and Family Knowhow Company 100 million baht in total compensation.
The compensation is granted for damage caused to the SET building and valuables contained therein by arsonists during the anti-government protests in 2010.
The Supreme Court’s verdict, which was read today (Wednesday) at Bangkok South Civil Court, overturned the verdicts of two lower courts which acquitted New Hampshire Insurance, Dhipaya Insurance, Fall Call Insurance, Bangkok Insurance, Deves Insurance and Muang Thai Insurance.
The three plaintiffs took out insurance on valuables in the SET building worth about 3.4 billion baht with a coverage period from January 31st 2010 to January 31st 2011.
Not an act of terrorism
On May 19th, 2010, a group of unidentified rioters broke into the SET building, set fires and damaged valuables, causing total damage estimated at about 108 million baht.
The Supreme Court, however, ruled that the torching of the building and valuables during a riot was not an act of terrorism.
However, the six insurers refused to pay out on the policies, claiming that the arson committed by the rioters was an act of terrorism and, hence, they were exempted from compensating the insured parties.
Thai Mango growers complain of low prices and fewer exports
Because of the global COVID-19 pandemic, their mangoes are not being exported, due to fewer buyers, and their prices have plunged to between 10 and 20 baht per kilogram, depending on size.
Mango orchard owners in Thailand’s northern province of Phitsanuloke are seeking help from the provincial administration to promote the sale of their sweet fruit, particularly Barracuda Mango variety.(more…)
Foreigners’ Participation in Thai Listed Companies explained
Special vehicles have been created to facilitate foreign investors so that they are able to invest in Thai
securities flexibly and conveniently.
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