Black Peter
I expect that TAP can just deduct whatever NGP owes them from what they need to pay to NGPH, since the relevant payments are part of the same transaction which I think TAP has said is governed by English law. I'm not privy to the agreements but that may not matter since English common law is likely to give TAP that set-off right, irrespective of whether one party has used different vehicles, e.g. for tax purposes.
TAP has very good legal advice available to them and I expect they will do whatever is required to protect shareholder interests, even if it involves yet another problem with Chatchai.
This is yet another illustration of the crucial need to maintain a strong Board which is completely independent of Chatchai's conflicting interests, and is seen to be so.
