ITD board distances its SET performance from charges against Premchai

[rooster59]

ITD board distances its SET performance from charges against Premchai

By THE SUNDAY NATION

 

 

ITALIAN-THAI Development plc (ITD), a major listed construction company, has informed the Stock Exchange of Thailand (SET) that any effects on its shares over the Tungyai Naresuen wildlife issue were not caused by the company’s performance. Instead, they were the result of a top company executive facing an official investigation on multiple charges.

 

However, Dr Mingsarn Kaosa-Ard, an independent director, had earlier tendered her resignation from the ITD board due to the Tungyai Naresuen issue. Premchai Karnasuta, ITD’s president and major shareholder, has been accused of killing an endangered black leopard and other wildlife during a recent visit to the conservation site in Kanchanaburi province.

 

Worawud Hiranpaisansakul, secretary of ITD, said in a letter to the SET that the company’s board had held a meeting on this issue, which might have an impact on the company.

 

However, the board shared its opinion that the issue did not result from the company’s performance or business activities, but rather was a consequence of its top executive facing an investigation into alleged wrongdoings.

ITD’s letter stressed that the court will have the final authority to make a judgement and that the accused is still legally innocent at this stage.

 

However, the ITD board has pledged to fully cooperate with authorities and will follow the development closely with regard to short-, medium- and long-term impacts on the company.

 

Earlier, the board also acknowledged the resignation of Dr Mingsarn as its independent director, effective March 16. 

 

Mingsarn, who was previously a member of ITD’s audit committee, is a well-known academic with numerous works on economic, natural resources and environmental issues, as well as the director of Chiang Mai University’s Public Policy Studies Institute.

 

Mingsarn’s high profile and track record in these fields prompted her to resign from the ITD board earlier this month.

 

The Tungyai Naresuen issue has seriously affected the company’s public image with severe criticism of Premchai, the company’s long-time president, especially on social media sites.

 

ITD, which closed at Bt3.18, down 1.24 per cent, on Friday, has been one of the country’s largest construction contractors for the past several decades, with annual revenues of hundreds of billion baht.

 

The company was founded by Premchai’s father, Dr Chaiyudh Karnasuta, as a joint venture with an Italian partner. Over the past several decades, the firm has carved out a major share of the country’s public infrastructure market, winning multi-billion-baht contracts for the construction of airports, seaports, highways, elevated and underground mass transit lines, railways and other projects.

 

Source: http://www.nationmultimedia.com/detail/national/30341669

 

 

-- © Copyright The Nation 2018-03-25

[canopy]

It's their fault for not firing him. I have no sympathy for this company and because of their inaction will always hold a negative impression of this company.

 

[YetAnother]

33 minutes ago, rooster59 said:

ITD’s letter stressed that the court will have the final authority to make a judgement and that the accused is still legally innocent at this stage.

wholly beside the point, the courts do not buy much stock, the public does; public opinion drives the stock

[Oxx]

38 minutes ago, canopy said:

It's their fault for not firing him.

 

Kind of hard to fire the company's largest shareholder (14.88%).

[bluesofa]

7 minutes ago, Oxx said:

 

Kind of hard to fire the company's largest shareholder (14.88%).

Judging from the photographs he must definitely be the largest.

 

[canopy]

No, it's easy. Laws generally provide that an officer may be removed by the board whenever in its judgment it would be in the best interests of the corporation.

 

Edited March 25, 2018 by canopy

[mikebell]

1 hour ago, rooster59 said:

the accused is still legally innocent at this stage.

And, according to the rules of Thai Justice, likely to remain so on account of his wealth.

[JOC]

1 hour ago, YetAnother said:

wholly beside the point, the courts do not buy much stock, the public does; public opinion drives the stock

No...Greed drives stock prices

And if a profit is to be made, the big institutional investors will still buy ITD shares.....They couldn't care less if the CEO has a taste for panther-d**k or not

[Juan B Tong]

Public Relations Image framing at work.

It is no longer a matter of the boss getting caught poaching and eating panther penis.

It's the Tungyai Naresuen wildlife issue.

 

 

[speckio]

On 3/25/2018 at 6:31 AM, canopy said:

It's their fault for not firing him. I have no sympathy for this company and because of their inaction will always hold a negative impression of this company.

 

there is something called loyalty... A western company would have immediately held a board meeting and removed him... just like how a western company will lay off workers in order to save a few extra bucks... that's not how thai companies work....there was a Thai CEO who sold off his house to pay his workers before laying them off... In this case, the board is sticking with Premchai because he has probably done allot for them... so they arent just going to ditch him as soon as things get a little tough... Do I think he Premchai is a corrupt SOB who thinks he is above the law and needs to be fully prosecuted? Yes I do! ....  would I like to see him voted out? absolutely...  Allot of the board members probably knew/know Premchai's father and as stated innocent until proven guilty... (the sob is totally guilty judging by the amount of evidence being presented)

 

Edited March 26, 2018 by speckio