BTS Sends Debt Collection Letter Bangkok – Bangkok Thanakom To pay debts, provide service And maintenance of the green line project After refusing to pay more than 8,899 million baht and specify if not hurry to pay, will consider exercising legal rights
Today (1 Feb. 2021) news reports from the company. Bangkok Mass Transit System Public Company Limited stated that the Company requested Krungthep Thanakom Company Limited to pay its debts in providing service and maintenance of the Green Line Metro Project, the first extension is Saphan Taksin – Bang Wa. Nut-bearing range And the second extension park is Mo Chit – Saphan Mai – Khu Khot And the bearing range – Samut Prakan The MRT Green Line Extension Project Which has the total number 8,899,338,642.45 Baht
Bangkok Thanakom has a letter of acceptance of the debt as requested by the Company, but there is no offer. To make the company We can be confident that the Company will receive payment of current and future outstanding debts from Bangkok Thanakom. Or Bangkok (Bangkok), a shareholder who owns Bangkok Thanakom
The Company believes that both Bangkok Thanakom and Bangkok are well aware for a while that Principles of the Green Line Extension Project that have given Bangkok Thanakom and BMA to bear the operational risks since the start of service The opening of the train service for the Green Line Extension Project in the current form Has only relied on collecting the fare from the public in about 15 baht
Waiting for hope after the settlement since July 2019
For the use of services throughout Extension 1 and do not charge the public fare for the use of Extension 2 without government subsidies. But there is a cost to be borne by the wages in providing the bus service And repair it And the cost of purchasing the bus system (Electrical and mechanical) causing losses to Bangkok Thanakom and Bangkok all along a lot. Inevitably, Bangkok Thanakom and BMA will not be able to repay the existing debts with the Company and will have more debts. Until the stage that it will no longer be able to provide service for the MRT Green Line project in a short time
In addition, the Bangkok Thanakom And Bangkok decided not to charge the fare in the past Because there is an expectation that the solution to the service of the MRT Green Line Project is complete. Without the need for government subsidies But use the amendment of the agreement to provide service for the MRT on the Green Line and to collect the fare from the public
In both projects, the main part is the Mo Sit – On Nut period. And the National Stadium – Saphan Taksin And the Green Line Extension Project Considered as the same network Until good results for the public because the fare that will be charged throughout the line can be down a reasonable amount And let the company Be the one to bear the risk of long-term performance instead of claiming outstanding debt from Bangkok Thanakom and Bangkok.
Which has been successfully negotiated From July 2019 Under NCPO Order No.312562 regarding the implementation of the Green Line Metro Project Soon after receiving the approval from the Cabinet, Bangkok Thanakom and Bangkok created more debt to the Company because there was no income from the Green Line Metro Project. While there is an obligation to pay the company wages for operating and maintenance services
Threaten to exercise their legal rights if they remain ignored.
The company learned from news from various media that The MRT Green Line contract is under consideration by the Cabinet (Cabinet), but the Company I do not know when the Cabinet is scheduled to complete its consideration. Both Bangkok Thanakom and Bangkok were unable to provide clarity.
The Company is a subsidiary of BTS Group Holdings Public Company Limited, a public company listed on the Stock Exchange of Thailand, with approximately 101,700 shareholders who are public investors. Loan to the Company To engage in many businesses They have confidence in the business of the company. The Bangkok Thanakom and Bangkok were able to pay the debts to the Company, which was calculated until December 31, 2020, there were more than 8,899,338,642.45 baht, it will cause damage to the company. Including the shareholders and creditors of the company very much.
The company Agreed according to the principles of the draft contract to amend the concession agreement of the MRT Green Line Project Because he saw that it was the solution to stop the Bangkok Thanakom and Bangkok will create a debt with the company More and more
From the opening of the train service for the Green Line Extension Project in the current form With insufficient income to pay wages to the company And although under the draft contract to amend the concession contract The MRT for the Green Line, the Company will not receive immediate repayment of outstanding debt. However, if the performance of the MRT Green Line project continues in the long term, it improves, the Company, who is responsible for the operating performance risk and is the operator of the Green Line Metro Project. Will have the opportunity to recover this outstanding debt Which can be considered as a measure to resolve the debt. That despite having some risks with the company But made the company Are in a much better situation than they currently are
Therefore, when there is no certainty that the implementation of the draft contract to amend the concession contract The MRT Green Line Project, which is under consideration of The cabinet will happen or not. Therefore unfair to the company If Bangkok Thanakom and Bangkok Will rely on the company Do not want to cause trouble to the public due to the suspension of the bus service. Despite not receiving wages to ignore the debt owed to the company And will create a debt with the company More and more From the opening of the train service in the Green Line Project
There is no measure for the payment of outstanding and emerging wages to make a clear agreement with the Company as can be inferred from the letter of acceptance of the debt, but there is no proposal. Of Bangkok Thanakom The Company is responsible for the shareholders and creditors of the Company. To have to manage debt that Bangkok Thanakom and Bangkok owe to the Company And there are clear guidelines if there is a need for more debt to be created.
By this letter, the company asks Bangkok Thanakom to And Bangkok pay all debts Is an outstanding wage debt until the date of issue of this letter Which has been outstanding for 2 years and 5 months since Apr. 2017 Approximate 9,602,927,927.24 baht and the debt for dismantling the bus system That is due in March 2021, the amount is 2,762878 25.12 baht within 60 days from the date of receipt of this letter, otherwise the Company is necessary to consider exercising the rights under the law. And according to the Company’s contract with Bangkok Thanakom and Bangkok
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