Scrutiny on asset valuation

Scrutiny on asset valuation
The Foundation for Consumers said yesterday it would ask the Administrative Court to ensure the government issues clear guidelines for the valuation of PTT's assets.

Published on December 17, 2007


The foundation, led by Rosana Tositrakul, said the government must appoint an independent team without interests in PTT to evaluate the assets. She said 14 of 29 of Surayud Cabinet members had PTT shares.

The group will ask the court for an injunction demanding the stock exchange not allow trading in PTT shares until the company's assets have been valued.

Sairung Thongplom said if the government failed to assess PTT in a straightforward manner, the Cabinet must not consider this until it has done so.

The Finance and Energy ministries and PTT will complete the asset evaluation between now and Tuesday's Cabinet meeting.

"We hope the government and the Finance Ministry will not collude with PTT over the assets evaluation,'' she said.

The Supreme Administrative Court on Friday ruled the oil-and-gas giant should not be delisted from the stock exchange.

However, it must transfer its rights to expropriated land and pipelines to the state.

Last year the Consumers Foundation and a group of five plaintiffs asked the Supreme Administrative Court to revoke the Royal Decree Determining Powers, Rights and Benefits of PTT Plc of 2001, and the Royal Decree Determining the Time for Repealing the Laws Governing the Petroleum Authority of Thailand of 2001.