Thanks for the attached kab. I will pass this onto my Legal team for further revisions.
I notice that the whole indemnity clause in 8.3 has been removed. Such clause is a standard request from Citi to our clients, as Citi will only be acting on instructions from KTAXA and the indemnity is requested on the basis that the client is not able to fulfil its obligation – it does not limit the client’s right to make any claim against Citi should Citi fail to satisfy its obligation with due skill, care, and diligence.
Can this clause be reworded? If so, is there any language that you would be comfortable with?
For 6.4, Yes I agree that KTAXA will make payment for fees by withholding 3% tax according to Thai law. I will ask our legal team to make the wording clearer.
For 9, Information Disclosure – yes, Citi will need to reserve its right to transfer KTAXA’s information to other jurisdictions. An example would be KTAXA’s investment in offshore securities – we would need to notify the offshore counterparty of certain KTAXA’s information. There would be other scenarios as well, but this is just one example.