Italian-Thai loses out on corporate governance funding amid scandal

By The Nation

 

 

The recent arrest of Italian-Thai Development (ITD) president Premchai Karnasuta for alleged poaching appears to be affecting potential investments in his firm, which is one of Thailand’s largest construction companies.

 

“It is confirmed that the corporate governance fund will not be invested in the shares of Italian-Thai Development,” said Worawan Tharapoom, president of the Federation of Thai Capital Market Organisations.

 

She added that the members of asset management companies would discuss the Premchai issue, which could be a case study on good governance. 

 

Premchai is accused of poaching endangered animals in Thung Yai Wildlife Sanctuary after his arrest at the weekend.

 

However, Kesara Manchusee, president of the Stock Exchange of Thailand, said Premchai’s arrest could not be considered a fault under the Securities and Exchange Act, which stipulated that corruption findings against the chief executives of listed companies depended on Supreme Court verdicts.

 

“In the case of Premchai, we should look at the good governance and business ethics of Italian-Thai Development, which has already announced in its code of conduct for this year that the company would not doing anything that would negatively impact the country’s natural resources and environment,” Kesara said.

 

“The Thai Institute of Directors last year awarded four-star scores for good corporate governance to Italian-Thai Development.

 

“Such awards should be reviewed regarding the facts. If Premchai is actually found guilty, it is the responsibility of the company’s board of directors to consider the issue carefully and appropriately as they will be pressured and investigated by society,” she added.

 

Source: http://www.nationmultimedia.com/detail/breakingnews/30338283

 

-- © Copyright The Nation 2018-02-08

Som num na, fatty  

51 minutes ago, webfact said:

Italian-Thai loses out on corporate governance funding

Does this mean the BTS train extension from Mot Chit will go from being built at a snail's pace to come to a complete standstill?

Is there more to this story than meets the eye? I'm sure he was poaching endangered species, but people like this don't get pulled up unless someone more powerful wants it to happen. And the reasons for that are rarely because the more powerful person wants the law to applied equally and fairly. 

 

I hope the funds are there to have the BTS extensions to be finished on time. 

Edited February 8, 20188 yr by rkidlad

Couldn't happen to a nicer Pig !

A sad human being who flaunts  his percieved  untouchable status,

ramifications should be extreme, 

loss of freedom

loss of position

loss of all firearms

loss of all pension

loss of ever being able to be accepted as board member

loss of large amount of baht

face used as a promotion of not thinking you are above the law,

 

2 hours ago, Father Fintan Stack said:

All about Ital-Thai not paying the bungs to the government.

 

Really not sure the military can afford to make any more enemies. Their popularity is at an all time low.

"Their popularity is at an all time low."

Says who?Prayut is at an all time high in spite of Prawit....imo

So who carries on with the current contracts? The generals nephew with his pickup truck,based in an army camp!

Get ready for the Sino Thai Development Company, riding Into town on a high speed train.

39 minutes ago, Oziex1 said:

Get ready for the Sino Thai Development Company, riding Into town on a high speed train.

 

Connect the dots.

To quote the poet, “...you don’t need a weatherman to know which way the wind blows.”

5 hours ago, Father Fintan Stack said:

All about Ital-Thai not paying the bungs to the government.

Hard with lowering Euro again the silly Thai baht !

Edited February 8, 20188 yr by RichardColeman

9 hours ago, CelticBhoy said:

Som num na, fatty  

Let's hope he has misplaced his get out of jail card.  He must have offended someone important to get caught.

I do believe that his corporation should ask him for an explanation following which they should act to suspend him until he is found not guilty. 

Innocent until proven guilty but the evidence is monumental. 

17 hours ago, Darcula said:

 

Connect the dots.

Getting a little bit predictable.... Bhumjumthai/military, Senate alliance preventing election of PM > Selected PM by appointed Senate. Step forward PM Anutin Charvirakul of the Bhumjumthai Party to lead the country.

 

So after 5 years of reform, anti corruption drive we end up with a party leader from the party widely considered in various outlets as the worst for corrupt practices, with the Godfather Newin Chidchob pulling the strings.  No doubt Sino Thai and the Bhumjumthai party coffers may benefit handsomely from the downfall of the chief of Sino Thai.

 

That would be some reform.