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Title:[NEWS] Thai Airways Sues Koito Industries over Late Delivery of Seats
Post 1 [NEWS] Thai Airways Sues Koito Industries over Late Delivery of Seats Jan 16,11 05:54 PM

News web:http://en.carnoc.com/list/12/12613.html
Source:Reuters
Author:Antoni Slodkowski
Subject Concerned:Airlines   

Thai Airways International Pcl said on Oct. 12 that it is suing Japan's Koito Industries for around US$180 million for the delayed delivery of aircraft seats.

Shares of Koito Industries extended losses and have fallen 12 percent since news of the lawsuit broke on Oct. 8.

Koito did not supply the seats on time as it failed to obtain certification for its products from Japanese and European authorities after admitting earlier this year it had falsified safety test results.

"It's going to be a filing to the agreed upon court under the British law," said the airline's vice president for investor relations, Raj Tanta-Nanta, adding that it would be seeking US$170 million to US$180 million.

Shinji Karasawa, a spokesman for Koito Manufacturing Co Ltd, Koito Industries' parent firm, said they were considering their response.

U.S. and European aviation regulators ordered airlines last month for worldwide checks of seats made by Koito Industries, a move estimated to affect 150,000 seats on 1,000 passenger jets.

Koito Industries paid 3.6 billion yen (US$43.9 million) in compensation for delays in delivery to different airlines last financial year and set aside 3.3 billion yen for further expected claims this year.

Koito Industries fell 9 percent to 132 yen on Oct. 12. Shares in Koito Manufacturing Co Ltd, the majority owner of Koito Industries, dropped 3.5 percent to 1,010 yen after tumbling 16 percent on Oct. 8.
Post 2 Re:[NEWS] Thai Airways Sues Koito Industries over Late Delivery of Seats 2011-01-16 17:54:30.0
I wonder what sort of seats were being sent out late...
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