Surasak Vajasit.jpg

Surasak Vajasit

Managing Partner, Rajah & Tann (Thailand) Limited

Practice Area:

International Arbitration
Restructuring & Insolvency
Banking & Finance
Regulatory

LLB, University of London King's College, Hons, 1979
LLB, Thammasat University, 1st Class Hons, 1975

T +66 2656 1991
E surasak.v@rajahtann.com

Surasak is the managing partner of Rajah & Tann (Thailand) Limited.

Surasak is ranked by Chambers & Partners as an "Eminent Practitioner" for Banking and Finance and in band 1 for Insolvency & Restructuring. Chambers notes his "rich experience in restructuring matters as well as corporate and financing transactions" and "his previous experience as a judge". It is further noted that he "is recommended by clients as a 'knowledgeable and prompt' counsel, and is respected by peers for his depth of ability". Surasak is consistently recognized as one of the leading lawyers in Thailand for Capital Markets. In addition, a large part of Surasak’s practice also focuses on representation in litigation and dispute resolution proceeding, including arbitrations, mediations and other alternative dispute resolution proceedings.

Experience

With more than 30 years of work in the private and public sectors, Surasak has extensive experience in corporate and financing transactions, including privatisations, securities transactions (public issues of debt and equity), loan facilities, project finance, restructuring and bankruptcy-related work. He represents some of Thailand’s state enterprise banks and other financial institutions and a number of publicly-traded companies. Additionally, he has been involved in some of Thailand’s most important infrastructure projects including, expressways, railways, tollways, waterworks and telecommunications projects. He also represents several multinational clients in complex Thai regulatory matters, particularly those involving customs and anti-corruption proceedings.

Surasak served for eight years as a judge of the Courts of Thailand.

Banking & Finance
  • Advised a major Thai bank on: (1) THB 20 billion financing of GE Capital Auto Lease Public Company Limited; and (2) THB 12.5 billion financing of Bangchak Petroleum PCL.
  • Advised a syndicate of Thai banks in the provision of finance to Thai Petroleum Pipeline Company Limited.
  • Advised Thai financial institutions in connection with: (1) the financing of the Pathum Thani water project; (2) the financing for the construction of tollways by Don Muang Tollway Public Company Limited; (3) the financing of the Rayong power plant; and (4) the financing of the Kanom power plant.
  • Acted as Thai special counsel to an investment unit of the World Bank in connection with the financing of the Bangkok Mass Transit System.
Securities
  • Acted as the bond issuer’s legal counsel on the issuance of Baht 7bn senior unsecured bonds issued by Don Muang Tollway PCL.
  • Advised Cedar Holdings Limited and Aspen Holdings Limited, in relation to the acquisition of major stakes in Shin Corporation Plc., the 1st largest Telecom company in Thailand, including advising on a mandatory tender offer of Shin Corporation Plc, a voluntary tender offer of shares in Advanced Info Service Plc, and Chain Principle Rule for iTV, SATTEL and CSL under Thai SEC in early 2006.
  • Advised a European telecommunications company on the structuring and acquisition of major stakes in a major telecommunications company in Thailand, including advising on the mandatory tender offers.
Insolvency and Restructuring
  • Advised an investment unit of the World Bank on the reorganization proceedings of Thai Petrochemical Industry PCL.
  • Advised certain creditors in connection with the reorganization of Bangkok Mass Transit Public Company Limited, an operator of a rail-based mass transit system in Bangkok.
  • Advised certain creditors in connection with the reorganization of TT&T Public Company Limited, a major telecommunications company in Thailand.
  • Represented a state-owned financial institution as seller in the THB 8.2 billion sale of its non-performing loan ("NPL") portfolio to Sukhumvit Asset Management.
  • Advised the lenders on the debt restructuring of Don Muang Tollway PCL.
  • Advised the lenders on the debt restructuring of Thai Wah PCL.
  • Advised the lenders on the debt restructuring of STA Group (1993) PCL, STA Particle Product Company Limited, STA MDF Company Limited, STA Furniture Group Company Limited, and STA Para Plywood Company Limited.
  • Advised a Thai bank on the debt restructuring of Narong Canning Company Limited and ISA Company Limited.
  • Advised the lenders on the debt restructuring of Unicord PCL.
Regulatory
  • Representing a U.S. tobacco company with regulatory compliance in its business operations.
  • Representing a NYSE listed alcoholic beverages company with regulatory compliance in its business operations.
  • Representing various local and multinational corporations on telecommunications issues under Thai law.
  • Acted as legal counsel to the regulatory agency in relation to the preparation of the Request for Proposal for the 2013 IPP bid solicitation.
  • Acted as legal counsel to a government department in connection with the proposed revisions of relevant laws and regulations to allow for the public-private partnership for public infrastructures in Thailand.
  • Advising the Government of the Philippines in its WTO Panel dispute against Thailand in respect of imports of cigarettes from the Philippines.
  • Advising a NYSE listed alcoholic beverages company on customs valuation disputes, as well as its settlement of a dispute with Thai Customs.
  • Advising a Japanese pharmaceutical company on its importation and licensing of pharmaceutical products.
Litigation and Arbitration
  • Acted as Thai counsel in an arbitration related to a contract dispute between a major Thai shareholder of a Thai listed company and a German construction company in Singapore.
  • Acted as Thai counsel to a Thai listed company in respect of a dispute in an arbitration proceeding filed against it by a European construction consortium involving deferred payment facility debt and other related debt under construction contracts.
  • Acted as Thai counsel for a Japanese tobacco company in connection with a dispute relating to a distributorship agreement.
  • Acted as Chairman of a three member arbitral tribunal in an arbitration between a Thai government agency and a construction consortium.
  • Acted as Thai law expert for an Austrian conglomerate in connection with an arbitration proceeding with a Thai government agency.
  • Representing a leading tobacco importer in its successful appeal to the Thai Board of Appeal against an uplift of their declared customs values on imports from the Philippines.
  • Representing a leading tobacco importer in its settlement of a customs valuation dispute with Thai Customs.
  • Representing a leading tobacco importer in its customs valuation dispute with the Department of Special Investigations.
Memberships / Directorships
  • Member, Lincoln's Inn, London
  • Member, Drafting Committee Business Reorganization Act
  • Member, Law Reform Committee of the Judicial Council in relation to law relating to partnership, company and business unit.
  • Member, Extraordinary Committee drafting the Constitutional Law
  • Member, Sub-Committee of the Electronic Transactions Commission studying a new law relating to electronic transactions.
Publications
  • Co-author, Partnership and Company Law, 11th Edition, January 2009