ITD responds to crane collapse incident, confirms contracts remain active and safety measures will be reviewed
ITD confirms two construction contracts related to Nakhon Ratchasima and Rama II crane collapse remain valid, with the company continuing to fulfil its obligations. ITD expresses condolences and outlines plans to improve safety.
Worawut Hiranyapaisansakul, Secretary of Italian-Thai Development Public Company Limited (ITD), clarified in a statement to the Stock Exchange of Thailand (SET) that two construction contracts linked to the recent crane collapse incidents remain valid and the company is continuing to fulfil its contractual obligations.
The clarification follows reports that Prime Minister Anutin Charnvirakul had instructed the cancellation of ITD’s contracts for two projects connected to the crane accidents. These included the tragic incident in Nakhon Ratchasima, where a crane collapsed onto a passenger train, and another involving a crane incident on Rama II Road, which led to fatalities and injuries.
ITD expressed its deepest condolences to the families of the deceased and those injured, both physically and emotionally. The company affirmed its responsibility to compensate the victims and stated it is working with all relevant parties to assess the damage and expedite the process of returning to normal operations.
In addition, ITD has arranged insurance coverage to protect against potential accidents during construction, in line with the contract terms, including liability for injuries, fatalities, and damage to third-party property.
Despite the incidents, ITD confirmed that its other ongoing projects will proceed as planned. The company also mentioned that it is reviewing and strengthening its safety measures to prevent similar incidents in the future.
On January 16, ITD's stock price dropped for the second consecutive day, reaching 0.18 Baht, a decline of 0.02 Baht (or 10%), with low trading volume of 11.22 million Baht.
