Thai railway sues CP-led firm over THB13.3bn Airport Rail Link debt
The case concerns an unpaid fee for joint investment rights, default interest and guarantee enforcement. Airport Rail Link services continue normally.
- The State Railway of Thailand (SRT) has filed a lawsuit against a CP-led consortium and seven other parties to recover a debt totaling over THB13.3 billion.
- The debt stems from an unpaid THB10.67 billion fee for joint investment rights in the Airport Rail Link, which was due in October 2021, plus accrued interest.
- The primary defendant is the project's private partner, Asia Era One Company Limited, with the lawsuit also targeting banks and companies that provided financial guarantees.
The State Railway of Thailand (SRT) filed a lawsuit against eight parties in the Central Administrative Court on Wednesday (October 21, 2026) to recover an unpaid fee for joint investment rights in the Airport Rail Link (ARL).
The amount sought, including default interest, totals THB13,335,938,913.70.
SRT brought the action in accordance with its rights and duties under the joint investment agreement for the high-speed rail project linking three airports.
The defendants comprise the private project partner, the banks guaranteeing its contractual performance and the issuers of letters of guarantee.
SRT is also seeking to enforce the bank performance guarantees and the letters of guarantee.
As the project owner, SRT signed the joint investment agreement with Eastern High-Speed Rail Linking Three Airports Company Limited on Thursday (October 24, 2019).
The company subsequently registered a name change to Asia Era One Company Limited.
Under the agreement, the private partner was required to pay SRT THB10,671,090,000 as the fee for joint investment rights in the ARL within two years of the agreement taking effect, with payment due on Sunday (October 24, 2021).
SRT pursued payment and initiated the dispute resolution process prescribed in the contract, but the parties were unable to reach a settlement.
It therefore had to bring the dispute before the administrative court.
The defendants are grouped according to their status and involvement in the joint investment agreement:
Asia Era One Company Limited, the private project partner and principal debtor.
SRT is claiming THB10,671,090,000 in principal and THB2,664,848,913.70 in default interest accrued up to the filing date, bringing the total to THB13,335,938,913.70.
Two banks guaranteeing the private partner’s contractual performance: Bangkok Bank Public Company Limited and The Siam Commercial Bank Public Company Limited, each providing a guarantee of THB1 billion.
Five issuers of letters of guarantee covering losses arising from the private partner’s failure to fulfil its obligations under the joint investment agreement.
The guarantees are limited to the maximum amounts specified in the letters, in proportion to the issuers’ investment stakes in the project:
(1) Charoen Pokphand Holding Company Limited: 70%.
(2) China Railway Construction Corporation Limited: 10%.
(3) Bangkok Expressway and Metro Public Company Limited: 10%.
(4) CH. Karnchang Public Company Limited: 5%.
(5) Italian-Thai Development Public Company Limited: 5%.
SRT stressed that protecting the state’s rights and looking after the public must go hand in hand.
Legal action must be pursued carefully and fairly to safeguard state interests and prevent the public from bearing the effects of contractual disputes.
It confirmed that the proceedings would not affect Airport Rail Link services, which continue to operate normally.
SRT also emphasised the importance of providing services, with passenger safety and convenience as key priorities.
