Year 2009
September
PTT set to file appeal by Friday
By: YUTHANA PRAIWAN
PTT Plc, Thailand's largest energy group, will lodge an appeal by tomorrow to request a reversal of the court verdict that withdrew operating permits for 76 industrial projects in Map Ta Phut, said president and chief executive Prasert Bunsumpun.
The PTT petition will be separate from the appeal submitted on Oct 2 by the Office of the Attorney-General on behalf of state agencies.
''We decided to file an appeal by ourselves as our business is directly affected by the court order. We have to do this for the sake of our shareholders because our future projects and revenue will be hurt,'' said Mr Prasert.
PTT's 25 ongoing projects worth 120 billion baht are among 76 projects with a value of 400 billion baht that the Administrative Court on Sept 29 said must suspend construction.
Mr Prasert said PTT's foreign creditors were monitoring the development of the Map Ta Phut case closely. ''We have a significant number of foreign lenders for the projects ordered suspended. So far, about 100 contractors have still continued their work at Map Ta Phut.''
Dhanin Chearavanont, chairman and chief executive of the agricultural conglomerate Charoen Pokphand group, said the private sector expected the Map ta Phut issue to be resolved soon.
''This issue has drastic impact on the image of the country. If we cannot fix the problem quickly, foreign investors will not be interested to invest here anymore,'' said Mr Dhanin.
''At present, Thailand's credibility is quite high. I do hope that the problem over Map Ta Phut can be solved with positive consequences.''
But Banthoon Lamsam, chief executive of Kasikornbank, said the Map Ta Phut impasse would be a hard lesson and would alter the relationship between Thailand's industrial development and its environment management.
''We have reached the critical point to find the balance between environmental responsibility and the country's economic growth,'' he said.
This article is written by Bangkok Post
15/10/2009
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