On December 22 2008, a new government, led by Prime Minister Abhisit Vejjajiva, was formed. The government is proposing stimulus bills, and has obtained a commitment from Japan of financing for a new elevated train route in Bangkok.
The annual meeting of the Association of South-East Asian Nations is scheduled to be held in Thailand from February 26 to March 1. The Thai Parliament is expected to approve signing of 20 draft framework agreements and treaties prior to the annual meeting.
Thai IPP and Lao hydropower projects in the pipeline have been delayed at least one year by Electricity Generating Authority of Thailand (with the exception of the Gheco One IPP which achieved financial close in September 2008).
The Consumer Case Procedure Act, which came into force in August 2008, is being used by banks with claims against borrowers. It provides for much faster procedures than normal Civil Court procedure.
The new Liability for Unsafe Products Act came into force on February 20, as reported in the last issue.
As the April 30 deadline for annual meetings of shareholders of Thai companies with December 31 fiscal years approaches, Thai companies are having to cope with various amendments to the companies law which came into force last year. These include the requirement to both publish and deliver notices of shareholder meetings by registered mail return receipt. There is also the prohibition against director's proxies and circular resolutions for Board meetings.