Verdict brings down shares of five listed companies

The SET Index was down 2.32 per cent, with PTT shares closing at Bt225, down 5.06 per cent; PTT Exploration and Production at Bt132, down 4.69 per cent; Siam Cement at Bt223, down 5.11 per cent; PTT Aromatics and Refining at Bt23, down 3.77 per cent; and PTT Chemical at Bt71.5, down 5 per cent.

The Stock Exchange of Thailand yesterday asked the firms to explain the financial impacts.

In a statement, PTT said it would do everything to peacefully coexist and believed government agencies should hurry up and issue clearer rules.

SET president Patareeya Benjapholchai said both domestic and foreign investors were worried about the issue, because this is the first time that the court had suspended projects. She said a balanced solution should be achieved.

Srisuwan Janya, president of the Stop Global Warming Association, which filed lawsuits against eight government units that led to the injunction of the 76 projects, said the verdict encouraged them to pursue more battles against the government's negligence.

"I knew all along that the court would be on the Map Ta Phut villagers' side. The 11 projects allowed to continue do not harm the environment. The court clearly ruled that any projects that have a serious impact on the environment, whether they are located in Map Ta Phut or not, must be subjected to the Constitution's Article 67 (2)," he added.

If any of the affected companies wished to seek compensation, he advised that they turn to the Council of State. He said the verdict proved that no government decision could bypass the Constitution, which goes against the Council of State's opinion that without supporting laws, government agencies' opinions are final.

"The Council of State's first and fifth committees should shoulder the responsibility for damages incurred by the suspension of the 65 projects," he said.

The association is planning to make moves against 181 industrial projects located in other parts of the country.

Suthi Atchasai, a coordinator of the Eastern People's Network, applauded the ruling, which for the first time emphasised local communities' rights and freedom. He noted that the ruling could be applied to the government violation of communities' rights.

He also urged all parties to take part in creating a mechanism that allows peaceful coexistence.

Suthi said they should not pin all their hopes on the four-party committee.