CP (Asia Era One) issued an urgent clarification confirming it has not canceled the contract to build the high-speed rail linking the three airports with the State Railway of Thailand (SRT). It stated the letter sent was simply the exercise of contractual rights to protect those rights and emphasized readiness to continue the project.
Reporters stated that Asia Era One Co., Ltd., a subsidiary of Charoen Pokphand Group (CP), and a contractual partner with the State Railway of Thailand (SRT) for the high-speed rail connecting three airports, sent a letter to the media to clarify reports about exercising rights under the joint investment contract. The company noted some information might cause misunderstandings about the project's status, the company's intentions, and the contractual process.
The company confirmed that the letter represents exercising rights under the mechanisms set in the joint investment contract to protect contractual rights and communicate facts related to the project's progress as stipulated. It does not imply the company has decided to withdraw from or immediately cancel the contract. Project issues remain under contractual and legal review.
After signing the joint investment contract, both parties found certain facts and constraints related to project implementation, especially concerning a public canal in the Makkasan area, which affects development and land use. The partners have continuously discussed and determined ways to proceed to ensure the project moves forward under changing facts and conditions.
Simultaneously, economic, financial, investment conditions, and other project factors have significantly changed, requiring joint contract revisions with relevant agencies. This process is ongoing and affects project readiness in multiple aspects.
Regarding investment promotion, the company stated the project was approved in principle by the Board of Investment (BOI) in 2022. Throughout, the company received BOI cooperation in procedural steps. However, the investment promotion certificate expired in 2024, and reapplication requires clear project details and conditions, which are pending contract revision discussions. This should not be interpreted as BOI withdrawing support or disapproving the project.
Additionally, exercising contractual rights is part of the allowable process under the joint investment contract. Project operation approaches remain under contractual and legal consideration and cannot be automatically interpreted as breach of contract, abandonment, or fault of any party.
. Mr. Sarit Jinsit, CEO of Asia Era One Co., Ltd. He revealed that over time, the company has continuously cooperated with the State Railway of Thailand, the Eastern Economic Corridor Office (EEC Office), and related agencies to jointly consider appropriate ways to advance the project within the framework of contracts, law, and national benefit.
Asia Era One Co., Ltd. remains committed to the project and believes collaboration among all sectors will lead to appropriate, fair solutions that maximize benefits for the country, the public, and all stakeholders. The company upholds principles of good governance, transparency, and responsibility at every operational step.
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