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Bangkok, Thailand, Contractor May Have Second Chance at Development Project.
Byline: Wichit Sirithaveeporn
Dec. 10--Bangkok Terminal Co, formerly Sun Estate Co, could be given another chance to revive the long-delayed Mor Chit development project under a new proposal by the Finance Ministry.
Visut Montriwat, the director-general of the Treasury Department, said the plan would give the original developer another shot at restarting the 19billion-baht project.
The Cabinet would have to rule first on whether or not to continue the project. If approval to proceed was given, a joint screening committee, set up under the 1992 law governing public-private contracts, would then have to consider whether to allow Bangkok Terminal to resume the project or invite new bids.
In 1996, Sun Estate signed a contract to develop the 63-rai former Mor Chit bus station into a commercial office complex, shopping centre and transport hub, including a service depot for the Bangkok skytrain.
But the project stalled on irregularities surrounding the concession. The Council of State later ruled that the concession was formally annulled due to Bangkok Terminal's failure to make scheduled payments to the Treasury Department as stipulated.
Mr Visut said that regardless of the Council of State's ruling, he did not want to revoke the project and call for new bids due to potential legal issues. "I don't want to be the party that breaches the contract," he said, adding the original terms were "sound".
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