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Bangkok Bank sued over unpaid guarantee for failed pay-TV operator


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Bangkok Bank sued over unpaid guarantee for failed pay-TV operator

Bangkok Bank PCL was sued by Fox Networks Group Asia over its failure to honor its guarantee for a defunct Thai pay-TV operator's licensing payments, the South China Morning Post reported Dec. 14.

Fox Networks filed a lawsuit with the High Court of Hong Kong, alleging that it is owed US$21.3 million after pay-TV operator CTH Public Co. Ltd. failed to pay licensing fees following its closure Sept. 1.

Bangkok Bank had issued an "unconditional" bank guarantee for CTH's payment obligations toward a five-year licensing agreement. Fox Networks claimed that Bangkok Bank had not honored that "unconditional" guarantee after CTH closed.

Bangkok Bank is listed as the second defendant in the suit, while CTH is the first defendant.

The lender is also a defendant in another suit filed by Fox Networks against Thai pay-TV operator GMM Grammy PCL. Fox is seeking over US$6 million in past due fees from GMM Grammy for failing to pay its license fees. Fox Networks alleged that Bangkok Bank also failed to pay the bank guarantee covering GMM Grammy.

The bank did not respond to emails from SCMP.