Mercurius Capital Investment (SGX:) said a Thai court ruled in November 2024 that its dormant joint venture, Grand Bay Hotel, must repay a 200 million baht loan and interest to CS Property or risk seizure of six land parcels for auction.
The Bangkok South Civil Court found Grand Bay Hotel, Apex Development - its 50% joint venture partner - and a guarantor liable after a dispute over promissory notes issued in 2019.
CS Property acquired rights to the loan from Srisawad Power in 2021.
Mercurius said it was informed of the potential land auction only in late February and received an unofficial translation of the judgment in March.
It is assessing the legal implications and warned of a material impact on the group's financial position.
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