Krungthep Thanakom, the investment arm of the Bangkok Metropolitan Administration, has requested that the Bangkok Mass Transit System (BTS), the operator of the Green Line sky train service, stop its aggressive advertising seeking the settlement of a substantial debt owing to it (BMA).
Reportedly, Krungthep Thanakom owes BTS 40 billion baht for operations and maintenance expenditures as well as the installation of electrical and mechanical equipment for the expansions between Mor Chit and Khu Khot in Pathum Thani and between Bearing and Keha in Samut Prakan.
Assistant Professor Dr. Prasaeng Mongkolsiri, President of Krungthep Thanakom, said that such exposure might lead to confusion among the public regarding Krungthep Thanakom and the BMA’s activities and could affect investors’ decisions in the Thai stock market.
Dr. Prasaeng assured the court that Krungthep Thanakom is still making every effort to rapidly resolve the situation, despite the fact that the court had dismissed the company’s request to present further evidence for the case.
The court found in favor of BTS on September 7 and ordered Krungthep Thanakom to pay the outstanding debt. Krungthep Thanakom has filed an appeal with the Supreme Administrative Court, and the outcome of that case is currently pending.
The president of Krungthep Thanakom indicated that the firm has created a committee, lead by a former president of the Appeals Judicial, to assess the contract for the electrical and mechanical systems apart from the court proceedings over the service costs owing to BTS.
Dr. Praseang also said that further details about the case will be made public shortly, so BTS and the public should be patient.
, the operator of the Green Line sky train service, stop its aggressive advertising seeking the settlement of a substantial debt owing to it (BMA).){kind=link}