Local News, page-6

I'm fluent in Thai and I watched this interview with the MP Suthin Khlangsaeng (Pheu Thai Party) who raised the issue in Parliament.

https://www.youtube.com/watch?v=aZ_1Jp7rDYQ

Brief summary of what was discussed:

• Suthin explained his motive in understanding the issue was an interest in the use of absolute power and the effects on the broader community.
• Before shutting the mine, the PM told four agencies to look into the environmental problems. The agencies reported back to the Cabinet Secretariat who advised the PM that there wasn’t enough evidence to show that the mine had done anything wrong. The PM didn’t listen to their advice. Suthin alluded to a suspicion of the motives of the PM.
• Suthin mentions are the most reliable estimate of compensation for Kingsgate as 48% owner is about 30,000-40,000million THB not including interest.
• They ask about the probability of Thailand winning the case and he said while no one can say with certainty who will win, he’s listened to the advice of a group of professional lawyers who believe the probability of the Thai government winning is almost zero. A top lawyer from Chulalongkorn University said that there’s never been a precedent of a State winning a case like this in relation to an unlawful expropriation. Suthin said that according to the top lawyer from Chulalongkorn University, the biggest flaws in Thailand’s case are there was no scientific basis for closing the mine, the use of section 44 will not be accepted as lawful means and the PM was part of a junta at the time.
• They talk about alternatives to compensation being some kind of settlement, such as allowing the mine to reopen and providing other concessions but Suthin said it’s likely that Kingsgate is still be entitled to compensation for the period in which the mine has been closed.
• They asked him about the effects of this case on the foreign investment in Thailand from Australia. Suthin said while the direct effects are difficult to quantify, it has impacted on foreign investor confidence and the insurance premiums for Thailand have increased significantly since.

Now I'm a shareholder I'll pay close attention to the media over the next few months.