Asia Era One has denied cancelling the high-speed rail project linking three airports, saying a letter submitted to the State Railway of Thailand (SRT) was filed under the concession agreement and should not be interpreted as an immediate withdrawal from the project.
The clarification followed reports that the CP Group-led consortium had exercised its contractual rights over issues affecting the project's implementation.
The company said some reports contained incomplete information that could misrepresent the project's status, the consortium's intentions and the contractual process.
It said the letter was intended to preserve its contractual rights and formally notify the SRT of issues affecting the project, in line with procedures under the public-private partnership agreement.
The consortium stressed the notice should not be interpreted as an immediate withdrawal from, or termination of, the concession.
Asia Era One said both parties had encountered constraints since signing the agreement, particularly issues involving a public drainage canal in the Makkasan area that affect development of the project land.
It said discussions have continued on ways to resolve the issue.
The company also said that economic, financial, and investment conditions had changed significantly since the contract was signed, requiring the proposed amendments to the concession agreement to be reviewed by relevant state agencies.
The ongoing process has affected project readiness.
Regarding Board of Investment (BOI) privileges, the company said the project received approval in principle in 2022, but its investment promotion certificate expired last year.
A new application requires greater certainty over revised project conditions, while proposed contract amendments remain under consideration.
It stressed this should not be interpreted as a lack of BOI support.
The consortium said that exercising contractual rights is a process available under the concession agreement and should not be automatically viewed as a breach of contract or an abandonment of the project.
Asia Era One president Sarit Jinnasith said the consortium remained confident all parties could reach an outcome benefiting the country, the public and stakeholders.
On Thursday, SRT governor Anan Phonimdaeng said the consortium's July 6 letter sought to invoke its right to terminate the contract because conditions required to issue a notice to proceed could not be met.
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