The civil unrest and the political instability which took place in Bangkok during recent weeks have caused many businesses to suffer economic losses.
Thai businesses have been entitled to claim compensation along a certain set of rules, and now the Joint Foreign Chambers of Commerce (JFCCT) has been assured by the government that foreign investments have the same right to apply for damages. There will be no differentiation between Thai and foreign businesses.
Who can apply?
The Minister of Finance has approved of a loan of 10 billion Baht, and in order to be able to apply for a part of the money, the company absolutely has to be Thai owned. Companies with ownership through the BOI, the Foreign Business Act, or the Treaty of Amity are not eligible for the support and will not be considered.
Chamber members who have suffered economic losses should try to negotiate with their banks, as the government is currently in contact with the Thai Banker’s Association trying to find a way to support these businesses.
The JFCCT encourages Chamber members to submit their claims for compensation via the Chambers to which they belong. The claims will then be submitted as a coordinated group claim to the government in order to make sure they live up to their promise to treat Thai and foreign businesses the same.
All compensation claims should be submitted to the JFCCT no later than Friday evening.