Jasmine International Public Company Limited (SET: JAS) has declared that pursuant to the arbitration award of the arbitral tribunal, dated 29 April 2019, with respect to the dispute between Jasmine Submarine Telecommunications Company Limited (JSTC) a subsidiary of the company and National Telecom Public Company Limited (NT) previously known as TOT Public Company Limited (TOT).
The issued on 8 May 2019, ordering NT to make payment of the revenue share for the period from September 2008 to 3 October 2011 together with interest in the amount of THB 2,517,742,568.66 until the date of the submission of the dispute (22 December 2014) plus the interest of THB 877,608,644.07.
The principal amount together with the interest is totaling THB 3,395,351,212.73. NT shall be required to make payment of interest at the rate of 7.5 percent per annum on the principal of THB 2,517,742,568.66 from the date of the submission of the dispute until payment is made in full.
Subsequently, NT filed a petition with the central administrative court, seeking to annul the arbitration award of the arbitral tribunal.
Later, on 15 February 2023, the central administrative court ordered the execution as per the majority votes of the arbitrators thereby, forcing NT to make payment in the amount of THB 3,395,351,212.73 and the interest at the rate as prescribed by law, calculated until 15 February 2023, totaling THB 4,678,488,033.13.