By The Nation
Under separate channel licensing agreements with FOX signed in 2013, GMM and CTH have obligations to pay FOX a principal amount in excess of Bt2.5 billion and interest on late payments. As security for payment of such amounts, the Bangkok Bank issued separate bank guarantees to FOX to guarantee each of GMM’s and CTH’s payment obligations. Since late 2015, Bangkok Bank has failed to comply with its guarantee obligations, FOX said in a press statement.
“FOX has a long-standing commitment to the media industry in Thailand and to delivering the highest-quality entertainment and sports programming to our Thai viewers,” said Zubin Gandevia, President, Asia Pacific and Middle East for Fox Networks Group. “It’s a severe disappointment to us that a major Thai bank is failing to honor its guarantees, and its consequences go well beyond my own company, especially at a time of heightened sensitivity for investor confidence.”