TRUE’s Statement to Ease Investors’ Worries Regarding ADSL Lawsuit
After the Arbitration Committee orders TRUE to compensate ฿76 billion to TOT, causing TRUE’s shares to plunge, TRUE has made an announcement to ease the tension.
According to the dispute of ADSL service between True Corporation Public Company Limited (TRUE) and TOT Public Company Limited that the Arbitration Committee has sentenced TRUE to pay the compensation to TOT for a total of 76 billion baht (exclude interest), TRUE has given a statement to ease its shareholders’ worries.
TRUE states that the case is not final. In this regard, since TRUE has, with due respect, disagreed with the said award. Further, the Arbitral Tribunal was with dissenting opinion. TRUE will take further legal action by filing an appeal to competent court within legal time limit, which generally is 90 days. In the meantime, TRUE is studying the award with legal department and is waiting for opinion of the minority of the Arbitral Tribunal to be sent to TRUE from the Arbitral Tribunal. After the competent court passes the ruling, the further filings of appeal to competent courts may be expected until the case is final.
TRUE also clarify to the investors that regarding to the impact to the liquidity and debt service ability of TRUE in disagreeing with the award and will take further legal action, TRUE does not expect there to be any impact on the cash flows or financial position of TRUE or on payments to be made to any parties. Also, TRUE does not expect any impact to the reserves in its financial statements.
