In a press release, King Power said it had not taken any action because AOT had yet to officially inform the company of the nullification.

Without any official contact from AOT, the company also indefinitely postponed its press conference, which was initially scheduled to take place today.

Last Thursday, AOT's board of directors resolved to nullify the contracts for King Power to operate the duty-free and manage the commercial area at the new airport, saying the contracts were "illegal" as they should have been subject to the Public-Private Joint Venture Act that required more extensive screening.

"From news reports on Friday, we believe AOT will have to discuss with the Transport Ministry before coming up with any conclusion to be forwarded to the Cabinet.

"It will take some time before the conclusion is made," King Power chairman Vichai Raksriaksorn said in the press release.

He also expected the government and AOT to come up with a solution that would not damage entrepreneurs, as such a move would affect investors' confidence in conducting business in Thailand.

Vichai reiterated that King Power had complied with all conditions set by the previous AOT board of directors, which had also confirmed in writing that King Power's operations at Suvarnabhumi were not subject to the Public-Private Joint Venture Act.

"We can produce this document to the media. We are confident that our contracts are lawful, valid and shall continue to have legally binding effects," he said.

He said he was ready to negotiate with AOT.

The press release went on to say that the problem stemmed from a mistake by the previous AOT directors.