Stark Corporation, a SET-listed company, is facing an arbitration dispute with German firms Leoni AG and Leoni Bordnetz-Systeme GmbH. The German firms are claiming 608 million euros (23 billion baht) from Stark, alleging a breach of their sales and purchase agreement, Bangkok Post reported.
According to a filing to the Stock Exchange of Thailand yesterday, the case refers to Stark’s exercise of withdrawal rights under an agreement with the German firms last year. Following this, Leoni AG and Leoni Bordnetz-Systeme GmbH filed an arbitration case with the German Arbitration Institute (DIS) on March 2.
The claimants have estimated the total claim amount at 608 million euros, asserting that Stark violated its obligation under the agreement for the purchase price of 598 million euros, along with…
