BANGKOK: Bangkok Bank (BBL) is reportedly ready to pay Fox Networks Group Asia to comply with its obligations on two separate bank guarantees securing payments for distribution of Fox channels in Thailand by GMM Grammy Plc and CTH Plc, if Fox can prove its clients are violating the contracts.
The bank is in talks with GMM Grammy and CTH, pending the legal process, said a high-ranking BBL source who requested anonymity. BBL has collateral whose value is sufficient to back up the bank guarantees, the source said without elaborating further. “We are closely monitoring the digital TV business, as risks are elevating,” the source said. Meanwhile, Kanit Si, executive vice-president of BBL, said CTH insists that Fox is the one who violated the contracts. Mr Kanit declined to give further information because the case is still under court review. Fox Networks Group Asia has filed legal action in Hong Kong and Bangkok against BBL for failure to honour two separate bank guarantees securing payments for distribution of its channels in Thailand by GMM Grammy and CTH, both major operators of pay-TV platforms and the holders of licences of failed digital TV channels.
