NCL International Logistics Public Company Limited, or NCL, has cleared another major legal case after the Supreme Court declined to allow the plaintiff's appeal, bringing a case worth 23.07 million baht to an end and leaving NCL, as the third defendant, with no liability under the claim. Admiral Atthaphon Phetchai, Chief Executive Officer, disclosed that the company reported progress on the legal dispute to the Stock Exchange of Thailand. In this case, the Court of First Instance ruled on September 5, 2023, ordering NCL to deliver the original bill of lading and pay principal plus interest of 23.07 million baht. Later, on November 19, 2024, the Court of Appeal amended the ruling to dismiss the case against NCL, and most recently the Supreme Court issued an order dismissing the petition and not accepting the plaintiff's appeal. Previously, the company had set aside a provision of 23.07 million baht for this case, and it is currently assessing the accounting impact and the approach to reversing the entry under financial reporting standards. Combined with an earlier case worth 25.08 million baht in which the Supreme Court also rejected the plaintiff's appeal, NCL is expected to record a total accounting reversal of approximately 48 million baht by the end of this year, which should turn its overall second-half performance positive.
NCL International Logistics Public Company LimitedSupreme Court rejected the plaintiff's appeal, clearing NCL of 23.07 million baht liability and enabling a ~48 million baht provision reversal.
