Italian-Thai Development is in good health, CEO Premchai is not

Italian-Thai Development CEO Premchai Kanasutra has been sentenced by the Supreme Court to over 3 years in jail for poaching. Now officials at his company say operations will be unaffected while officials at the Corrections Department report Premchai is in poor health.

The ageing tycoon was sent to Thong Pha Phum Prison yesterday, and doctors at the hospital there are now reportedly monitoring his physical condition. Doctors found he suffered from a number of chronic illnesses including a fatty liver and hypertension. He has recently had surgery for cataracts as well.

Doctors say Premchai will be quarantined 21 days and then sent to a normal jail cell, but doctors will be caring for his health and monitoring his condition as time goes by.

Meanwhile, officials at Italian-Thai Development are stressing that the corporation is in perfect health and will not be affected by the CEO’s jailing. The youngest son of Premchai has already been tapped to serve as acting CEO in his father’s absence. Their statement attempted to quell any fears about their company.

“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 company is one of the larger construction companies operating in Thailand today and was listed with a registered capital of 2.5 billion baht in 1994 when they were listed on the Stock Exchange of Thailand. They are currently involved with quite a few government building projects around Thailand worth around 315 billion baht total:

• Don Mueang–Suvarnabhumi–U-Tapao High-Speed Railway – over THB270 billion
• MRT Orange Line (eastern section) – THB18 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
• 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
• Surat Thani interchange at Highway Route No 41 and Highway Route No 417 – THB1.3 billion
• Procurement and installation of a railway signal system for Yotaka Station (eastern route) –THB667 million
• Work relating to maintenance, repair and overhaul at U-Tapao Airport – THB338 million

Italian-Thai Development is also working on bidding to win two more government contracts for MRT 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.

SOURCE: MCOT and Nation Thailand