LOXLEY to Book ฿1.6Bn from Online Lottery Dispute in 3Q21
LOXLEY announces the agreement with Government Lottery Office on payment with respect to Contracting Agreement for Services of Lottery Games System.
Loxley Public Company Limited (LOXLEY) announced that LOXLEY GTECH Technology Co., Ltd. (LOXLEY GTECH), an associate company of the company(of which 35% of its shares are directly and indirectly held by the company), pursuant to the referenced letter of which the Supreme Administrative Court rendered a judgment ordering Government Lottery Office (GLO) pay Baht 1,654,604,627.54 to LOXLEY GTECH within 60 days, together with interest at the rate of 7.5% per year from the date of the lawsuit filing until 10 April 2021 and subsequently at the interest rate of 3% plus an additional 2% charge until payment is made in full; THAT
Later, GLO and LOXLEY GTECH had negotiated for payment of debts. On 22 July 2021, the GLO Board passed a resolution to pay debts with respect to the Contracting Agreement for Services of Lottery Games System to LOXLEY GTECH as follows:
1.Baht 1,654,604,627.54 shall be paid within August 2021.
2.Interest in the sum of Baht 444,745,338.27 shall be paid within the 2022 fiscal year in four installments of equal amount; the first –within 1 October 2021, the second -within 4 January 2022, the third -within 1 April 2022, and the fourth -within 1 July 2022.
Today (July 27), both parties entered into a memorandum of agreement and duly submitted the same to Bureau of Decisions Execution, Office of the Administrative Court.
