Gulf Ready to Fight Lawsuit After Cabinet Approves DE Ministry Suing for 1.25 Billion Baht

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Gulf Development Plc has clarified its position following the Cabinet's resolution allowing the Ministry of Digital Economy and Society (DE) to take legal action against Thaicom and Gulf, amid reports of incomplete asset transfer at the end of the satellite concession, which could lead to a fine of approximately 1.25 billion baht. The company stated that Thaicom had already returned all assets to the DE as of September 11, 2021, and if arbitration proceedings commence, the company is prepared to exercise its rights to defend the case within the legal framework. As of today, the company has no obligation to pay such amount.

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Thaicom Public Company Limited
THCOM
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Cabinet resolution permits the DE Ministry to sue Thaicom and Gulf over incomplete asset transfer at the end of the satellite concession, risking a 1.25 billion baht fine.

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