CEO Premchai’s jailing will not affect Italian-Thai Development operations: firm
The Supreme Court’s decision to jail Italian-Thai Development CEO Premchai Kanasutra for more than three years in a poaching and hunting case will not affect the firm’s operations or management, the company said in a statement on Wednesday.
This statement came after the court sentenced Premchai to “two years and 14 months” in prison without parole for poaching and hunting in Thung Yai Naresuan Wildlife Sanctuary in February 2018.
The statement said Premchai’s youngest son, Thoranis Karnasuta, has been appointed acting CEO.
“The company would like to inform shareholders, partners, customers and other stakeholders to be confident that the board of directors is still able to operate and manage the business effectively,” the statement said.
Italian-Thai Development is considered a large construction company in Thailand. The firm was listed on the Stock Exchange of Thailand with registered capital of THB2.5 billion in 1994.
It is currently cooperating with the government on various construction projects:
• Don Mueang–Suvarnabhumi–U-Tapao High-Speed Railway – over THB270 billion
• Rama III-Dao Khanong-Western Bangkok Outer Ring Expressway (contract 3) – THB7.3 billion
• Thai-China High-Speed Rail (contract 4-4) Chiang Rak Noi maintenance centre – THB6.5 billion
• Thai-China High-Speed Rail (contract 3-4) construction from Lam Takhong to Sikhio and from Kut Chik to Khok Kruat – THB9.8 billion
• Work relating to maintenance, repair and overhaul at U-Tapao Airport – THB338 million
• Procurement and installation of a railway signal system for Yotaka Station (eastern route) –THB667 million
• Surat Thani interchange at Highway Route No 41 and Highway Route No 417 – THB1.3 billion
• MRT Orange Line (eastern section) – THB18 billion.
Meanwhile, the company is interested in also bidding for two projects:
• MRT Orange Line (western section) from Thailand Cultural Centre to Bang Khun Non – over THB140 billion.
• MRT Purple Line from Tao Pun to Rat Burana (Kanchanaphisek Ring Road) – THB78 billion.