Business Services Industry
Bidders claim Thai port authority violates foreign ownership rules.
Knight Ridder/Tribune Business News, September, 2004
Bangkok Post, Thailand Knight Ridder/Tribune Business News
Sep. 24--A violation of foreign ownership conditions is the latest claim being raised against the award of a major contract to manage six terminals at Laem Chabang deep-sea port.
The Port Authority of Thailand has been facing criticism of its decision to award the 30-year concession to Hong Kong-based Hutchison Port over a group headed by PSA Corporation of Singapore.
A shipping industry executive who asked not to be named said that Thai law placed a 49 percent limit on foreign shareholdings in port ventures. However, he said that Lexton (Thailand), the local partner holding 51 percent of the capital of the three-company Hutchison consortium, was in fact held by a nominee on...
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