Surasak is the Chairman and Senior Partner of Rajah & Tann (Thailand) Limited.
Surasak Vajasit is recognised by The Legal 500 Asia Pacific as a Leading Individual for Corporate and M&A and a Band 1 lawyer for Dispute Resolution by Chambers Asia-Pacific, naming him as one who “wins plaudits from the market” and with clients describing him as “one of the best” based on his “reputation on complex matters.” A large part of Surasak’s practice focuses on representation in litigation and dispute resolution proceeding, including arbitrations, mediations and other alternative dispute resolution proceedings. Surasak is also consistently recognised as one of the leading lawyers in Thailand for restructuring and insolvency.
He is commended as “a top lawyer who has a lot of experience in dealing with various businesses and government entities”. He is also named a Hall of Fame practitioner by The Legal 500 Asia Pacific for Banking and Finance.
EXPERIENCE
With more than 40 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.
Restructuring & Insolvency
- Advised The Hongkong and Shanghai Bank Corporation Limited on the rehabilitation of Sino-Thai Engineering & Construction Public Company Limited.
- Advised Citibank on the rehabilitation of Thai Gypsum Products Public Company Limited.
- Advised Citibank on the rehabilitation of Thai Modern Plastic Company.
- Advised International Finance Corporation 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.
- 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 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 TT&T Public Company Limited, a major telecommunications company in Thailand.
- 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.
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.
Litigation and Arbitration
- Acted as Thai counsel in Civil Court proceedings brought against an audit firm.
- Acted as Thai counsel of an Austrian company, who is a major medical equipment producer, in multiple Civil Court proceedings arising from disputes in relation to a joint venture agreement.
- Acted as Thai counsel for a US tobacco company in various proceedings before the Administrative Court, Supreme Administrative Court, Tax Court and Supreme Court.
- Acted as Thai counsel for a US tobacco company in Tax Court proceedings against the Thai Customs Department.
- Acted as Thai counsel in an arbitration related to a contractual dispute between a major Thai shareholder of a Thai public company and a German construction company in Singapore.
- Acted as Thai counsel to a Thai public 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 a sole arbitrator in an arbitration in connection with a dispute relating to a Build-Operate-Own-Transfer Agreement for waste water treatment
- Acted as an arbitrator in a three member arbitral tribunal in an arbitration in connection with a dispute relating to a local partnership agreement for an organization of a football tournament.
- Acted as an arbitrator in a three member arbitral tribunal in an arbitration in connection with disputes between a Thai public company and a construction consortium concerning the construction of an international airport.
- Acted as Thai law expert for an Austrian conglomerate in connection with an arbitration proceeding with a Thai government agency.
Regulatory
- Representing a Singaporean company in various acquisitions and dispositions and reporting requirements to the SEC and SET.
- Representing a European company in advising on SET disclosures relevant to a government investigation.
- Representing a US tobacco company with regulatory compliance in its business operations.
- Representing various local and multinational corporations on telecommunications issues under Thai law.
- Advising a US law firm in connection with WTO Panel dispute between the Government of the Philippines and the Government of Thailand in respect of imports of cigarettes from the Philippines.
- Advising an NYSE-listed alcoholic beverages company on customs valuation disputes.
- Representing an NYSE-listed alcoholic beverages company with regulatory compliance in its business operations.
- 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 Japanese pharmaceutical company on its importation and licensing of pharmaceutical products.
Securities
- Advised Merrill Lynch Phatra Securities and Thai Farmers Bank (now KASIKORNBANK) as underwriters of THB 5 billion (US$ 166 million) debentures for Electricity Generating (EGCO).
- Advised HSBC, Siam Commercial Bank and Thai Farmers Bank (now KASIKORNBANK) as underwriters of THB 6.5 billion (US$ 216 million) debentures for Khanom Electricity Generating.
- Advised ABN AMRO as lead manager in the US$ 300 million guaranteed bonds of Electricity Generating Authority of Thailand (EGAT) due 2008, guaranteed by the Kingdom of Thailand and the World Bank.
- Acted as the bond issuer’s legal counsel on the issuance of THB 7 billion 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 first largest telecommunications 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.
MEMBERSHIPS / DIRECTORSHIPS
- Member, Lincoln’s Inn, London
- Member, Drafting Committee Business Reorganization Act
- Member, Extraordinary Committee drafting the Constitutional Law
- Member, Sub-Committee of the Electronic Transactions Commission studying a new law relating to electronic transactions.
- Independent Director and Chairman of the Nomination and Remuneration Committee of an insurance company
- Policy and Strategic Planning Subcommittee of the Thailand Arbitration Center (THAC)
PUBLICATIONS
- Author, “Thai Law of Contract in a Nutshell”
- Contributor, “Regional Round-Up 2023 (Year in Review Edition): Thailand”, Lexology (Feb 2024)
- Contributor, “Major Changes in Law Related to Private Limited Companies”, Lexology (Feb 2023)
- Contributor, “At a glance: regulation of litigation funding in Thailand”, Lexology (Nov 2022)
- Contributor, “Relaxation of Limitations for Foreign Arbitrators or Representatives in Thai Arbitral Proceedings”, Lexology (Aug 2021)
- Contributor, “Guideline on Unfair Trade Practices of Online Food Delivery Platforms”, Lexology (Feb 2021)