3. Gold Star Property Co., Ltd.
3.1 In September 2013, Thai Tawat Timber and Construction Co., Ltd. (TTW) sued Gold Star Property Co., Ltd. (GSP) claims for the damages amount of THB 4,960,385 resulting from breach of contract. GSP not only denied TTW’s claims but also counterclaims against TTW for damages at amount of THB 1,799,904.76 resulting from their abandonment work.
TTW’s witness hearing finished on 23 Feb 2015, while GSP’s witness hearing start on 16 Mar 15. The court hearing on 29 Jun 2015 has been postpone due to a judge sick leave, cannot composing a panel. Next witness hearing was scheduled on 2 Sep 2015.
3.2 On 26 Feb 2015, Gold Star Property Co., Ltd. (GSP) sued the contractor (1) Larpsin Icon Co., Ltd. (2) Mr Larpsin Chuenoon (collectively “Larpsin”) claims for damages value THB 256,698 resulting from breach of contract. After GSP awarded Larbsin and paid advance amount 200,000 THB, the Contractor away and abandoned work.
At the Southern Bangkok Municipal on 12 May 2015, the parties decided to enter into a conciliation process of which assisted by the conciliator who is an impartial third party. Finally, the parties executed a compromise agreement to put an end to the case which in an order dated 20 May 2015 the Court approved the compromise agreement that contained substantial part as follows:
(a) That defendants (the contractor) agree to pay plaintiff (GOLD STAR) in an amount of 200,000 Baht, the payment shall be made by ten (10) installments within the 10th day of each calendar month, commencing from 10 July 2015.
(b) That failure on the part of the defendants to pay ten (10) consecutive payments, plaintiff will be entitled to a writ of execution in the claims amount 256,698.63 Baht.
To our the best of knowledge and belief, all the litigation would not materially and adversely affect business, operation or financial conditions of the Company, taken as a whole.
3. Gold Star Property Co., Ltd. 3.1 In September 2013, Thai Tawat Timber and Construction Co., Ltd. (TTW) sued Gold Star Property Co., Ltd. (GSP) claims for the damages amount of THB 4,960,385 resulting from breach of contract. GSP not only denied TTW’s claims but also counterclaims against TTW for damages at amount of THB 1,799,904.76 resulting from their abandonment work. TTW’s witness hearing finished on 23 Feb 2015, while GSP’s witness hearing start on 16 Mar 15. The court hearing on 29 Jun 2015 has been postpone due to a judge sick leave, cannot composing a panel. Next witness hearing was scheduled on 2 Sep 2015.3.2 On 26 Feb 2015, Gold Star Property Co., Ltd. (GSP) sued the contractor (1) Larpsin Icon Co., Ltd. (2) Mr Larpsin Chuenoon (collectively “Larpsin”) claims for damages value THB 256,698 resulting from breach of contract. After GSP awarded Larbsin and paid advance amount 200,000 THB, the Contractor away and abandoned work. At the Southern Bangkok Municipal on 12 May 2015, the parties decided to enter into a conciliation process of which assisted by the conciliator who is an impartial third party. Finally, the parties executed a compromise agreement to put an end to the case which in an order dated 20 May 2015 the Court approved the compromise agreement that contained substantial part as follows:(a) That defendants (the contractor) agree to pay plaintiff (GOLD STAR) in an amount of 200,000 Baht, the payment shall be made by ten (10) installments within the 10th day of each calendar month, commencing from 10 July 2015.(b) That failure on the part of the defendants to pay ten (10) consecutive payments, plaintiff will be entitled to a writ of execution in the claims amount 256,698.63 Baht.
To our the best of knowledge and belief, all the litigation would not materially and adversely affect business, operation or financial conditions of the Company, taken as a whole.
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