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Singtel's AIS associate not liable for regulator's 7.22 billion baht revenue claim: Court
MAINBOARD-LISTED Singtel’s key telco associate in Thailand was found not liable for a claim of 7.22 billion baht (S$324 million), according to a court decision announced on June 12.
Advanced Info Service Public Co (AIS) will not have to pay the sum, which was supposedly revenue incurred in the nine months after an agreement with Thai telco TOT expired, AIS said in a circular that Singtel released on the Singapore Exchange website on Monday evening.
AIS had argued that it had no revenue to submit to the National Broadcasting and Telecommunication Commission (NBTC), because the expenses from running the mobile service in question outweighed any revenues generated as user numbers fell.
Thailand’s Central Administrative Court has now revoked the NBTC’s payment order, and the company is not liable for the claim amount, AIS said in its announcement.
But it added that the NBTC can appeal to Thailand’s Supreme Administrative Court within 30 days.
“Should there be any further significant update, the company will inform accordingly (sic),” said AIS chief financial officer Tee Seeumpornroj in the circular.
AIS contributed S$84 million in pre-tax profits for Singtel’s most recent quarter to March 31, 2020.
Singtel shares shed S$0.03, or 1.18 per cent, to S$2.52 on a cum-dividend basis on Monday.