Banpu told to pay B29.5bn

Banpu told to pay B29.5bn

Banpu Plc, the country's leading miner, was ordered by the Civil Court on Thursday to pay damages of at least 29.5 billion baht until 2039 to Siva Nganthavee and his associated companies.

Banpu disagreed with the ruling and will appeal, it said in a statement to the Stock Exchange of Thailand after the market closed Thursday.

Mr Siva claimed Banpu Power, a subsidiary of Banpu, entered into a joint venture with his group to acquire information about a coal mine concession and the feasibility study of the Hongsa power project.

Banpu also gave false information to the Laotian government, resulting in Vientiane terminating the agreements it had with Mr Siva's group in favour of Banpu, Mr Siva's group claimed.

Mr Siva's group demanded 63.5 billion baht in damages.

But the court yesterday ordered Banpu to pay Mr Siva's group damages of 4 billion baht with 7.5 per cent interest a year from the date of complaint until fully paid.

It was also ordered to pay for opportunity losses at the rate of 860 million baht per year from 2015-27 (10.32 billion in total) and 1.38 billion baht per year from 2028-39 (15.18 billion baht in total).

Shares of BANPU closed on the SET at 442 baht Thursday, down six baht, in trade worth 1.24 billion baht.

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