BANGKOK - THAI television network ITV said it has appealed to the Thai government to extend a deadline for the payment of 97.8 billion baht (S$4.19 billion) in fines and interest.
Thailand's Supreme Administrative Court on Dec 13 ordered ITV, a network controlled by Temasek Holdings, to pay 2.2 billion baht in back fees and another 97.8 billion baht in fines by Monday.
The company has made proposals to pay off the back fees while the government has given it another 30 days to pay both.
'ITV begs that the debt repayment be limited to the remaining compensation in an amount' of 2.2 billion baht, ITV chairman Niwattumrong Boonsongpaisan said in a statement to the bourse yesterday. 'ITV is now in the process of procuring the money to repay such a debt.'
The TV network, which has a 30-year concession to operate the only network of six in Thailand that is not owned by the government or the military, risks having its broadcast licence revoked if it fails to pay within the extended deadline, said Mr Julayuth Hiranyawisit, Permanent Secretary in the Prime Minister's Office, on Tuesday.
ITV and parent Shin Corp were founded by former prime minister Thaksin Shinawatra, who was ousted in a coup on Sept 19.
The fine should be paid after an arbitration tribunal makes a decision about the dispute over the charge, Mr Niwattumrong said. ITV had asked the tribunal to consider the disagreement over the fine, he said.
Its proposal last week to offer the government a controlling stake to offset the back fees, or to pay in instalments, was rejected. ITV has also offered to pay the 2.2 billion baht in 30 days, Mr Niwattumrong said.
BLOOMBERG NEWS
No comments:
Post a Comment