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Kingsgate gold mine arbitration with Thailand to be moved to Singapore

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Kingsgate gold mine arbitration with Thailand to be moved to Singapore

 

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Kingsgate Consolidated Limited of Australia and the Thai government have agreed to change the location of the arbitration hearings over the closure of gold mine operations in Thailand, from Hong Kong to Singapore, due to the intensifying protests in the Chinese territory.

 

According to a statement, issued yesterday by Akara Resources Plc, the Thai subsidiary of Australian mining company Kingsgate Consolidated Limited, has closely monitored the protests in Hong Kong, which have, of late, become more violent, and has consulted the Thai government, with both sides agreeing to ask the arbitration panel to relocate the process to Singapore.

 

In the statement, Kingsgate Consolidated said it is concerned over the safety of its staff members. Kingsgate CEO Ross Smyth-Kirk reportedly said, however, that the change of location will not affect the company’s case, visa-vis the Thai government.

 

Full story: https://www.thaipbsworld.com/kingsgate-gold-mine-arbitration-with-thailand-to-be-moved-to-singapore/

 

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2 hours ago, mikebell said:

No foreigner ever gets his money back from a Thai wherever the arbitration is held.

I think you mean Thai government. 

I've seen plenty of cases where foreigners cheat thai companies out of money as well.

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This is a case whereby the local residents of where the mines is thought that by protesting and pushing for the closer of the mine they will be offered a fat compensation just to go away, that didn't happen, and now, not the mining company, nor the Thai government or the locals, who stood to get jobs for many years, will come out winning, it's a loss all around, and we know how much the Thais care for the environment, it was all about the money...

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4 minutes ago, ezzra said:

This is a case whereby the local residents of where the mines is thought that by protesting and pushing for the closer of the mine they will be offered a fat compensation just to go away, that didn't happen, and now, not the mining company, nor the Thai government or the locals, who stood to get jobs for many years, will come out winning, it's a loss all around, and we know how much the Thais care for the environment, it was all about the money...

Correct. There was also an attempt by a Thai government connected party to attempt to buyout the company at pennies on the dollar. That failed. But within the international mining industry it's effectively meant Thailand is a no go jurisdiction for any mining projects from now on because Thai government promises are effectively worthless. 

 

Edited by Time Traveller
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Interestingly, Kingsgate Consolidated Limited (ASX: KCN) received USD $55 million from their Political risk insurers in April this year.  As a condition of this settlement the Insurers are to provide up to $3.5 million funding on a pro-rata basis with Kingsgate to meet litigation costs pursuant to Thailand-Australia free Trade Agreement (TAFTA) Arbitration process. 

 

Given the level of investment in Australia by Thai owned companies the outcome will be well worth watching!

 

Link below to Insurance settelemt details 

http://www.kingsgate.com.au/newsdesk/latest/

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50 minutes ago, Time Traveller said:

I think you mean Thai government. 

I've seen plenty of cases where foreigners cheat thai companies out of money as well.

Please post some high profile cases of foreigners cheating Thai companies out of money here then. 

 

Thanks in advance.

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55 minutes ago, Yadon Toploy said:

Please post some high profile cases of foreigners cheating Thai companies out of money here then. 

 

Thanks in advance.

I can't name any "high profile cases" probably because high profile people don't like to tell the world they were cheated. But I've been a shareholder in a number of Thai companies where foreign persons cheated such companies out significant sums of money in business transactions. Some through incompetent oversight by Thai corporate managers and some through foreign counterparties that did not live up to their obligations. 

 

It's not a one way street. Anyone that has ever done business in any part of the world knows that there are persons everywhere that will try to cheat you. Singling out Thailand as the only place this happens is unfair. But I do agree the Thai government (and agencies) are not trustworthy partners. 

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4 hours ago, mikebell said:

No foreigner ever gets his money back from a Thai wherever the arbitration is held.

"No foreigner ever gets his money back from a Thai..."

Don't suppose you've got anything to back up that bizarre claim, have you?

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Off topic deflection posts and the replies have been removed. 

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4 hours ago, Time Traveller said:

I think you mean Thai government. 

I've seen plenty of cases where foreigners cheat thai companies out of money as well.

Sweeping statement so please state one company who has done this, just one company please and not Bob down the road who borrowed a couple of thousand baht and never paid it back. 

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2 hours ago, Just Weird said:

"No foreigner ever gets his money back from a Thai..."

Don't suppose you've got anything to back up that bizarre claim, have you?

Didn't Germany hold a Thai airplane because of an unpaid debt plus didn't THE The World Bank a few years ago refuse a loan to Thailand because they saw Thailand as a bad deptor. Maybe ask any foreigner who has been scammed. 

Edited by Scot123
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