PTT Abides the Supreme Court, Ending the Dispute with Nacap on Construction Contract

PTT Public Company Limited (PTT) has made a report through the Stock Exchange of Thailand on the report of the Supreme Court judgment of the Dispute between PTT and Nacap Asia Pacific (Thailand) Co., Ltd.

 

PTT has stated that in 2014, the Arbitral Tribunal rendered the award that required PTT to pay damages from alterations, additional requirements, and others to Nacap Asia Pacific (Thailand) Co. Ltd. (Nacap) in the dispute on the Construction Contract of Sai Noi-North/South Bangkok Power Plants Gas Pipeline Project in the approximate amount of Baht 1,144 million and USD 74 million with the interest thereof at the rate of 7.5% per annum accrued from the due date of each invoice to the date of the complete payment.

Subsequently, PTT filed the petition to set aside the arbitral award and Nacap also filed a petition to enforce the award with the Civil Court. In 2017, the Civil Court rendered the judgment to enforce the arbitral award requiring PTT to make the payment, in which the payment amount is partially lowered to Baht 1,144 million and USD 48 million approximately, with the interest thereof at the rate of 7.5% per annum accrued from the due date of each invoice to the date of the complete payment. As a result, PTT filed an appeal against the Civil Court judgment with the Supreme Court.

 

On December 18, 2019, the Supreme Court rendered a judgment that PTT’s appeal was prohibited for consideration. Therefore, PTT is obliged to make payment in accordance with the abovementioned Civil Court’s judgment in the approximate total amount of Baht 4,654 million, and the Supreme Court’s judgment is final. Thus, PTT will abide by the Supreme Court judgment accordingly.

 

PTT has noted that that Nacap has been declared bankrupt in the bankruptcy case by the Central Bankruptcy Court and PTT, as one of Nacap’s Creditors, filed a petition to request payment of debt according to the law in the approximate amount of Baht 905 million. Currently, this bankruptcy case is in process.