"Don't underestimate the pull Chatchai has in Thailand.
Any financial arbitration will probably be costly to Tap's bottom line which seems to be under enormous stress anyway"
My thinking is this.
"According to the Human Rights Report 2013, the judiciary is subject to corruption. Thailand's judicial system functions at a very slow pace: Drawn-out procedures encourage the bribing of civil servants charged with overseeing regulations to speed up legal procedures, and such practices are reportedly common. Thailand´s Anti-Corruption Strategy 2010, released by the National Anti-Corruption Commission (NACC), describes the judicial system as weak and continuously manipulated by influential people, such as the Thai mafia and politicians."
It seems feasible that Chatchai most likely has connections where it counts and hurts Tap.
Becuse of this long drawn out process likely to happen, the delay in settlement will hurt Tap's bottom line all whilst this is happening.
I don't mean just in legal costs, but the non repatriation of much needed funds.
Add to that we seem to have a new reserve for Manora pending making tap liable for further payments
As for the high flying execs quote, Tap has been a non oil producer for quite a while now but you wouldn't know it from the executive salary that has overseen a decimation of shareholder's equity.
TAP Price at posting:
24.0¢ Sentiment: None Disclosure: Held
