AQ Files a Civil Lawsuit to KTB, Claiming ฿3.9bn from Court Order Violation!

AQ Estate Public Company Limited (AQ) has stated that according to the resolution of the Board of Directors Meeting 8/2019 on August 29, 2019, the Board approved the company to make the prosecution to Krung Thai Bank Public Company Limited (KTB) and the Executive Committee of KTB.

The prosecution is to take the proceeds from land auction of Golden Technology Industry Company Real Park Company Limited in the amount of 3,898,704,840.00 million baht to pay for damages in the criminal lawsuit of the Supreme Court’s Criminal Division for Persons Holding Political Positions within 15 days. However, KTB did not make any process as requested, which led to the civil lawsuit that AQ had filed today.

AQ stated that KTB had received 3,898,704,840.00 baht from AQ which is the amount the company acquired from land auction of Golden Technology Industry Company Real Park Company Limited.

 

However, KTB did not deduct the amount received by AQ from the criminal lawsuit which is against the order of the Supreme Court that ordered KTB to deduct any amount paid by AQ from the total amount and record it in the financial statement of 1Q19. On the other hand, KTB recorded the amount as interest from the civil lawsuit between Golden Technology Industry Company Real Park Company Limited and KTB.

KTB’s action is irrelevant to the Court’s order while having an intention to break the agreement which violates and damages AQ severely to the point that the company could enter the rehabilitation.

In this regards, AQ could not standby and let KTB, who is a state-owned commercial bank, violates the agreement. Thus, AQ would like to request the Court to consider the petition for righteousness and benefit of over ten thousand shareholders of AQ.