Arbitral Tribunal Sentences EXAT to Compensate ฿9bln. to BEM
BEM notified the Stock Exchange of Thailand and its shareholders of arbitral award relating to revision of toll rates of the Chalerm Mahanakorn Expressway and the Si Rat Expressway for 2008
1 พ.ย. 2561

Bangkok Expressway and Metro Public Company Limited (BEM) had reported the arbitral award that BEM filed its statement of Claim with the Thai Arbitration Institute on June 13, 2013 requiring the Expressway Authority of Thailand (EXAT) to pay the difference between the toll revenues under the Ministry of Transport’s Announcement dated August 15, 2018 and the applicable toll rates under the Agreement.
 
On October 30, 2018, BEM was informed the arbitral award dated October 24, 2018, whereby the Arbitral Tribunal unanimously rendered its award requiring EXAT to compensate BEM for damages, which can be summarized as follows:
1) Damages, together with interest, amounting to ฿9,091.79 million, and default interest under Clause 25.6 of the Second Stage Expressway Agreement on such principal damages of ฿7,909.59 million, calculated on a daily basis from June 1, 2013 onwards until EXAT will make such payment in full.
2) Compensation for damages representing the difference of toll revenue sharing based on the toll rates under the Ministry of Transport’s Announcement dated August 15, 2008 and the toll rates which BEM entitled to receive under the Agreement, calculated by the actual number of vehicles in each category using the expressways under the Agreement, calculated on a daily basis from June 1, 2013 onwards, including default interest under Clause 25.6 of the Agreement on the difference of toll revenue sharing from June 1, 2008 onwards until the damages, together with interest, will be paid in full to BEM.
 
Moreover, “Kaohoon Online” has done the research and saw that there were other cases that BEM filed against EXAT.
 
The total of this filing is ฿23.6 billion that could possibly be booked to BEM’s financial statement, resulting in higher profit and good sentiment of BEM’s shares.
However, there are rumors going around that EXAT might seek an alternative way to pay its debt to BEM. Giving BEM a concession would be one of its way out.
 