Mr. Sarath Ratanavadi, Chief Executive Officer of Gulf Development Public Company Limited, or GULF, revealed that the dispute with the government regarding the handover of Thaicom 4 and Thaicom 6 satellite assets is actually worth only about 300 million baht, not the 1.2-1.3 billion baht as reported in the news. He stated that this is a dispute under the concession contract that must go through arbitration, not a criminal or civil lawsuit. The disputed assets are mostly signal transmission equipment that was installed later and has already reached the end of its useful life. Meanwhile, the remaining difference of about 800-900 million baht represents opportunity costs and interest calculated by the government, for which GULF does not need to set aside provisions, as all liability rests with Thaicom Public Company Limited, or THCOM, not GULF. Furthermore, entering arbitration will not affect THCOM's eligibility to bid for government projects, including USO 3.
Thaicom Public Company LimitedDispute over Thaicom 4 and 6 assets involves 300 million baht, with liability resting on THCOM, and arbitration may affect operations.
Gulf Energy Development Public Company LimitedCEO clarifies dispute is only 300 million baht, not 1.2-1.3 billion, and no provisions needed for GULF.
