SRT Sues 8 Parties for 13.3 Billion Baht Airport Rail Link Debt
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The State Railway of Thailand (SRT) has filed a lawsuit against eight parties at the Central Administrative Court on October 21, 2026, to enforce payment of overdue investment fees for the Airport Rail Link (ARL) plus default interest, totaling 13,335,938,913.70 baht, and to enforce bank guarantee bonds and guarantee letters.
On October 24, 2019, SRT, as the project owner, signed a joint investment agreement with the High-Speed Rail Linking Three Airports Company Limited, which later changed its name to Asia Era One Company Limited (the private partner). Under the agreement, the private partner was obligated to pay SRT 10,671,090,000 baht for ARL investment rights within two years of the agreement's effective date, with the deadline falling on October 24, 2021. After attempts to pursue payment and initiate dispute resolution under the contract failed, SRT proceeded with legal action.
The defendants are categorized by their contractual roles: 1. Asia Era One Company Limited, the private partner and primary debtor, sued for principal of 10,671,090,000 baht plus default interest of 2,664,848,913.70 baht. 2. Two guarantee banks for the private partner's performance: Bangkok Bank Public Company Limited and Siam Commercial Bank Public Company Limited, each with a guarantee limit of 1 billion baht. 3. Five corporate guarantors liable for damages from the private partner's non-performance, up to the amounts in their guarantee letters proportional to their project stakes: (1) Charoen Pokphand Holding Company Limited (70%), (2) China Railway Construction Corporation Limited (10%), (3) Bangkok Mass Transit System Public Company Limited (10%), (4) CH. Karnchang Public Company Limited (5%), (5) Italian-Thai Development Public Company Limited (5%).
SRT emphasized that the legal action upholds state interests and public welfare, proceeding carefully and fairly to protect state assets without burdening the public. SRT confirmed the lawsuit will not affect Airport Rail Link services, which continue to operate normally, with passenger safety and convenience remaining top priorities.
