VGI Public Company Limited (SET: VGI) has announced that the Supreme Court ruled in favour of the company in the case against Dm Corporation Co., Ltd. and Deelight Multimedia Co., Ltd., which resulted in the company not paying any compensation and the dispute is deemed final.
VGI stated that reference is made to the dispute submitted to the Thai Arbitration Institute on 25 June 2018 by Dm Corporation Co., Ltd. (DM) (formerly named Midas Global Media Co., Ltd.) , a joint venture company of VGI and Deelight Multimedia Co., Ltd. (Deelight), claiming that VGI was in breach of the Shareholders’ Agreement in relation to DM dated 5 February 2014 made between VGI and Deelight (the Shareholders’ Agreement) which DM itself was not a party to the Shareholders’ Agreement. The arbitration award was that VGI was in breach of the Shareholders’ Agreement and that VGI must pay damages to DM in the amount of THB579,411,812.87, with an interest at the rate of 7.5 percent per annum from the date of the dispute submission (i.e. 25 June 2017) until payment is made in full.
Subsequently, DM, on 3 April 2020, filed a motion to enforce the arbitration award to the Civil Court, as a black case No. Por. 1841/2563, while VGI, on 5 May 2020, filed a motion to revoke the said arbitration award to the Civil Court, as a black case No. Por. 2269/2563. The Civil Court then ordered to combine the said two motions into one case. On 21 March 2022, the Civil Court rendered a verdict in favour of VGI by revoking the said arbitration award and subsequently, DM appealed the Civil Court’s verdict to the Supreme Court.
