“Ruangkrai” filed a petition to the Office of the Auditor General of Thailand to investigate AOT’s measures bestowed to King Power, stating that the move could damage the government as the Ministry of Finance holds 70% of stake in AOT.
Mr. Ruangkrai Leekitwattana, a former senator, on August 31, 2020 has filed a petition to the Office of the Auditor General of Thailand (OAG) to investigate if the performance of Airports of Thailand Public Company Limited (AOT) was damaging the government billions of baht after an amendment in contracts with the private sector.
The Ministry of Finance holds 70% of stake (representing approx. 10 billion shares) in AOT, Mr. Ruangkrai pointed out that if AOT’s value drops by 1 baht per share, the Ministry will lose its market valuation of 10 billion baht.
He said the report of Extension of Time for Area Improvement and Decoration, Postponement of Operations and Determination of Minimum Guarantee Collection for Duty-Free Shop and Commercial Activity Management Concessions posted on July 30, 2020 and the report of Additional Clarification on Assistance Measures regarding the Extension of Contract Term and the Adjustment of Minimum Guarantee Collection for the King Power Group post on August 25, 2020 to the stock exchange (SET) were evidence that AOT’s move could damage the Ministry of Finance, a major shareholder, as well the Social Security Office, which holds 1.15% of stake in AOT.