ITD can’t be blacklisted for actions of an exec: Wissanu

[webfact]

ITD can’t be blacklisted for actions of an exec: Wissanu

By The Nation

 

File photo: Premchai Karnasuta

 

It is too early for the government to consider blacklisting Italian-Thai Development (ITD) from acquiring state concessions following the arrest of its president for alleged poaching, Deputy Prime Minister Wissanu Krea-ngam said on Thursday.

 

The wrongdoing is personal and not the firm’s, he said. 

 

“You cannot charge the whole company, which has several shareholders, unless it [the guilt] is related to others [in the company],” Wissanu said. 

 

Premchai Karnasuta, president of ITD, has been charged with poaching after being arrested at the World Heritage Thung Yai Naresuan Sanctuary in Kanchanaburi province on Sunday. Guns and ammunition as well as carcasses of protected wild animals were found at his camping site. 

 

However, Wissanu said it’s possible that ITD could reshuffle its executives, but he agreed to probe the corporate governance of the firm.

 

The high-flying Premchai is one of Thailand’s most powerful businessmen, having helmed the construction giant’s operations in the Kingdom and the Asean region.

 

ITD, one of the country’s biggest construction firms, is the builder of many well-known infrastructure projects, including Suvarnabhumi Airport, the BTS Skytrain system, and multiple expressway and highway projects across the country.

 

In 2017 alone, ITD won several mega-infrastructure projects worth a combined Bt130 billion, including the Bt35-billion Mae Moh power plant project.

 

Source: http://www.nationmultimedia.com/detail/breakingnews/30338308

 

-- © Copyright The Nation 2018-02-08

[ChrisY1]

Obviously, with ITD' current work load and future projects signed up, that the company in reality, is not at fault for this dolt and his rotten cohorts hunting of illegal game in a national park.

But, he and his mates must be banned from the company and never have the opportunity to ever continue with them. With ethics such as he has displayed, he's a thorough disgrace and embarrassment for Thailand.

IMO, he won't get jailed and more likely a slap on the hand. Millions of baht in fines would be a bonus, but that too is doubtful....but I hope I'm proved wrong.

[klauskunkel]

19 hours ago, webfact said:

ITD can’t be blacklisted for actions of an exec

No, you can't, Wissanu.

However you can consider this: A company president who demonstrates his contempt for the law by virtue of entitlement may have a tendency to run his company in a similar fashion. What comes to mind are the poor safety standards ItalThai is known for. Good governance?

[mtls2005]

Not sure how much day-to-day responsibility he has as his nephew, Yuthachai (3rd gen), is running the show.

[Baerboxer]

20 hours ago, ChrisY1 said:

Obviously, with ITD' current work load and future projects signed up, that the company in reality, is not at fault for this dolt and his rotten cohorts hunting of illegal game in a national park.

But, he and his mates must be banned from the company and never have the opportunity to ever continue with them. With ethics such as he has displayed, he's a thorough disgrace and embarrassment for Thailand.

IMO, he won't get jailed and more likely a slap on the hand. Millions of baht in fines would be a bonus, but that too is doubtful....but I hope I'm proved wrong.

 

Under what laws?

 

If individuals commit break the law they are punished if found guilty.

 

However, they would then be subject to any rules in their employing organizations depending on their sentence. Elections to corporate office are by shareholder's or appointment boards responsible to shareholders. As he and members of his family are major shareholders they have a significant say in who gets what job.

 

Doing something many consider reprehensible and disgusting isn't anything to do with the company or how it elects and dismisses its officers.

[Baerboxer]

2 hours ago, klauskunkel said:

No, you can't, Wissanu.

However you can consider this: A company president who demonstrates his contempt for the law by virtue of entitlement may have a tendency to run his company in a similar fashion. What comes to mind are the poor safety standards ItalThai is known for. Good governance?

 

You could argue the same for senior executives and directors that are caught speeding, drink driving etc. But in a world where VW can admit to deliberately commit mass fraud and simply pay out of court fines to hush it up, with very little consequences, a bit of poaching ain't gonna ruffle too many feathers.

 

Sad, but the world we live in is more interested in wealth than morals and ethics.

[yellowboat]

Withhold future tenders from ITD until they have a change of management.  I am sure this putz will be locked out of the building before the receptionists even get out of bed. 

[rockingrobin]

5 hours ago, Baerboxer said:

 

Under what laws?

 

If individuals commit break the law they are punished if found guilty.

 

However, they would then be subject to any rules in their employing organizations depending on their sentence. Elections to corporate office are by shareholder's or appointment boards responsible to shareholders. As he and members of his family are major shareholders they have a significant say in who gets what job.

 

Doing something many consider reprehensible and disgusting isn't anything to do with the company or how it elects and dismisses its officers.

Did the government not use section 44 to stop the gold mining company

[jayboy]

19 hours ago, Baerboxer said:

 

Under what laws?

 

If individuals commit break the law they are punished if found guilty.

 

However, they would then be subject to any rules in their employing organizations depending on their sentence. Elections to corporate office are by shareholder's or appointment boards responsible to shareholders. As he and members of his family are major shareholders they have a significant say in who gets what job.

 

Doing something many consider reprehensible and disgusting isn't anything to do with the company or how it elects and dismisses its officers.

I agree.Whatever the offense (and I note that many are rushing to judgement ) the corporate action is a matter for Ital-Thai.If the shareholders/family feel that no action is needed, that's their call.One might suppose in a Western context the fellow might be put out to grass for purely commercial reasons, ie the negative impact on business.I suspect this is increasingly a factor in Thailand but it's hard to underestimate the arrogance and sense of entitlement in the Sino Thai tycoon class.

 

Incidentally while not discounting the gravity of the offense (deserving huge fine maybe jail time), in the overall scheme of things is this really a crime more base than............ (fill in with your own details of atrocities/treason committed by various general and politicians very much at large)?

Edited February 10, 2018 by jayboy