Premchai’s ITD position on the line amid fallout from poaching charge

By The Nation

 

Construction tycoon Premchai Karnasuta

 

Construction tycoon Premchai Karnasuta is considering stepping down as president of Italian-Thai Development (ITD) after being subjected to intense pressure that followed him being accused of illegal hunting, a source from the firm said on Sunday.
 

Premchai, 63, and three others have been charged with poaching after being arrested at the World Heritage Thung Yai Naresuan Sanctuary in Kanchanaburi province last week. Guns and ammunition as well as the carcasses of protected wild animals, including endangered black leopard, were found near their campsite.

 

The source said that Premchai’s family as well as the firm’s executives were concerned about the reaction to the episode and feared that it would have a negative impact on the company.

 

His family is said to have seriously considered the issue and sought the best solution both for Premchai and ITD.

 

They thought the only way to quell the public pressure was for Premchai to resign as ITD president in order to show that his wrongdoing was a personal matter and prevent anyone from assuming he was untouchable due to his connection with the company, the source added.

 

Since his arrest the public spotlight has been relentless both on Premchai and ITD, one of the country’s biggest construction firms and responsible for operating mega construction projects in Thailand and the Asean region.

 

Social media users have lobbied for a widespread boycott of ITD but the government said it was too early for them to consider blacklisting ITD from acquiring state contracts and that the issue was a personal matter.

 

The Thai Institute of Directors Association (IOD), a non-profit organization designed to improve directors’ professionalism and corporate governance in Thailand, has warned that the poaching allegations against Premchai could affect ITD’s scoring of corporate governance for the listed company in this year’s survey.

 

According to a 2017 IOD survey, Italian-Thai scored very high in corporate governance with a four-star rating.

 

ITD 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/30338610

 

-- © Copyright The Nation 2018-02-12

Throw him in jail then he'll have to step down  

ugh that is #kickback

The prison diet would be good for him. His current diet isn't doing him any favours . . .

Sent from my F3116 using Thailand Forum - Thaivisa mobile app

6 minutes ago, bheard said:

The prison diet would be good for him. His current diet isn't doing him any favours . . .

Sent from my F3116 using Thailand Forum - Thaivisa mobile app
 

The Americans call their B52 the BUFF - same could be said for him 

 

 

"Seriously consider stepping down "

 

Just GO! 

I expect he will "step down", when the right person has been found to take control of the company - just don't expect his family to have any say in the matter.

the firm’s executives were concerned about the reaction to the episode and feared that it would have a negative impact on the company

 

The board should have held an emergency meeting within the first 24 hours and thrown him out on the street with immediate effect. But they did nothing. The damage to Ital Thai's reputation is not possible, it's now permanent. All of these "could's", "might's", "considers" are just useless talk.

 

Early retirement sabaii sabaii he will still maintain his "pension" money and share income. I'm sure he has more than enough money to afford hunting trips in Africa several times a year.

2 hours ago, JoePai said:

Throw him in jail then he'll have to step down  

Will also help the overfed swine to lose some serious weight on a daily diet of fish head soup, making him healthier than he's been in many years of overindulging at the feeding trough. However, I doubt that he's going to see any bars. He'll either abscond abroad or be slapped on the wrist with a ridiculously low fine.

no, the only way to deal with public pressure is to see this scum sentenced for multiple years if not life in prison and a hefty fine ( money given to natioanl parks) that would make someone like this feel it, look at the shares this sphincter has, it does not even need to work ....

Edited February 12, 20188 yr by manchega

I think he was very very unlucky to be caught on what I am sure all of us will agree was likely his FIRST time

yeah, how much you earn? how much you earn in a year? 

He won't be able to run the company effectively from his new base abroad, so he will resign. He can join the Thailand Elites Ex-Pat Club with Boss, Thaksin and Yingluck.

28 minutes ago, champers said:

He won't be able to run the company effectively from his new base abroad, so he will resign. He can join the Thailand Elites Ex-Pat Club with Boss, Thaksin and Yingluck.

This bloke don't need to run the company, just google him man, he owns banks, land, companies etc. it is just a hobby.

I see his crimes as serious

Thaksin and yingluck were at least useful to the country, they did some good things, especially Thaksin,

 

this latest lot make people dissapear from streets and will leave little budget for when a civilian government get in.

 

there will be no budget for anything, only answer will be more tax, we will also notice how current pm and cronies no longer will need to work for living

3 hours ago, leeneeds said:

"Seriously consider stepping down "

 

Just GO! 

Aye, go and take Prawit with you...

 

or stop hunting the jaguars and go hunt the watch bearers.. 

Why this guy didn't just go on a African Safari hunt is beyond me.

Such a dufus. I hope he takes up residence in the Bangkok Hilton for

a few months. I doubt he will, but a guy can live with hope.