The share price of SAMTEL rose 7.69% to THB7.70 per share at the open after the announcement of a court decision in favour of the company to record nearly THB550 million plus interests from the case against the Department of Lands.
Samart Telcoms Public Co., Ltd. (SET: SAMTEL) announced on December 1, 2022, citing the incident that Samart Comtech Co, Ltd. (a subsidiary) had signed the agreement for Land Data Entry with Implementation of Four Computer Systems in Project of Land Parcels Information Center and National Land Map for Department of Land (Phase 1), on September 27, 2013 with the Department of Lands (DOL). Later, the company has filed a lawsuit at the Central Administrative Court being the case, requesting a judgment for ordering DOL to comply with the contract, pay wages and damages to Samart Comtech in the amount of Baht 651,697,037.05 with interest at 7.5% per year on September 29, 2016.
Subsequently, the Central Administrative Court rendered a judgment on the case on November 10, 2021, to adjudicating DOL to pay Samart Comtech in the amount of Baht 520,572,913.28 together with interest at the rate of 7.5% per year of principal amount Baht 511,508,812.50 from the next date of the lawsuit filing until April 10, 2021 and pay interest at the rate of 3% per annum or the new default interest rate prescribed in the Thai Royal Decree issued under Section 7 Paragraph 2 of the Civil and Commercial Code, plus an additional 2% per year, as from April 11, 2021 until the payment is made in full and instructs the DOL to pay bank fees at the rate of 1.25% per year on the amount of the letter of guarantee at Baht 116,550,000 from the next date of the lawsuit filing until the bank guarantee is returned to Samart Comtech.
On November 29, 2022, the Supreme Administrative Court has rendered its judgment for case by amending the Central Administrative Court’s judgment ordering DOL to pay Samart Comtech in the amount of Baht 549,035,877.99 together with interest at the rate of 7.5% per year of principal amount Baht 536,159,296.72, the payment is made in full and instructing the DOL to reimburse Samart Comtech bank guarantee fees in the amount of Baht 1,456,875 per year from the next date of the lawsuit filing (September 30, 2016) until the bank guarantee is returned to Samart Comtech.
The payment must be made in full within 60 days from the date of final judgment and partial refund of court fees must be made to Samart Comtech pursuant to the proportion of its winning.
