Government told to ban Italian-Thai from participating in bidding for state projects

By Thai PBS

 

 

Thammasat University vice rector Prinya Thaewanarumitkul said on Thursday (April 26) that Italian-Thai Development Plc (ITD) should not be allowed to bid for state projects unless its boss, Premchai Karnasuta, has shown responsibility for his alleged wrongdoings.

 

Mr Prinya made the above comment in his Facebook page in response to Mr Premchai’s announcement at a shareholders meeting of ITD that he did not kill the black panther and had nothing to do with the illegal hunting at Thungyai Naresuan wildlife sanctuary in February.

 

Mr Premchai and three of his companions were arrested in the wildlife sanctuary in Kanchanaburi province on Feb 4. Firearms, ammunitions, and wildlife carcasses, including a dead black panthers, were found near his jungle camp.

 

Full story: http://englishnews.thaipbs.or.th/government-told-ban-italian-thai-participating-bidding-state-projects/

 

-- © Copyright Thai PBS 2018-04-27

9 minutes ago, webfact said:

Thammasat University vice rector Prinya Thaewanarumitkul said on Thursday (April 26) that Italian-Thai Development Plc (ITD) should not be allowed to bid for state projects unless its boss, Premchai Karnasuta, has shown responsibility for his alleged wrongdoings.

Why?

 

No doubt Premchai has done wrong, but to stop the company bidding for projects because of it?

 

With that sort of logic, that should have taken America off the map after the Clinton BJ incident. Because some people thought it was wrong.

 

I have no problem saying it as it is in the real world; K. Prinya should stick to rectoring at his university.

Edited April 27, 20188 yr by chrisinth

16 minutes ago, chrisinth said:

Why?

 

No doubt Premchai has done wrong, but to stop the company bidding for projects because of it?

 

With that sort of logic, that should have taken America off the map after the Clinton BJ incident. Because some people thought it was wrong.

 

I have no problem saying it as it is in the real world; K. Prinya should stick to rectoring at his university.

 

Which is kinda what Prinya is saying isn't it? That Premchai should stick to killing endangered animals and leave running ItalThai to someone else...? Or did I get that wrong?

 

 

11 minutes ago, chrisinth said:

Why?

 

No doubt Premchai has done wrong, but to stop the company bidding for projects because of it?

 

With that sort of logic, that should have taken America off the map after the Clinton BJ incident. Because some people thought it was wrong.

 

I have no problem saying it as it is in the real world; K. Prinya should stick to rectoring at his university.

Totally agree, why should ordinary share holders suffer for a CEO's illegal pastimes.  Either the uni rector is very narrow minded or is attention seeking. Either way it reflects poorly.

Innocent till proven guilty. 

37 minutes ago, webfact said:

 

Thammasat University vice rector Prinya Thaewanarumitkul said on Thursday (April 26) that Italian-Thai Development Plc (ITD) should not be allowed to bid for state projects unless its boss, Premchai Karnasuta, has shown responsibility for his alleged wrongdoings.

Well Here we go. The real reason for this dog and pony show. ..... Yes He might have killed (maybe) that panther but that wasn't the reason this whole thing was set up and orchestrated.

It was just to Bang them out of a contract. It woulld really be neat if the ThaiGovernment cared about wildlife and the enviroment but that is not the case. It is only used as a pretext to screw someone out of something.

wow .... did I miss the NFL 1st round?!

43 minutes ago, chrisinth said:

Why?

 

No doubt Premchai has done wrong, but to stop the company bidding for projects because of it?

 

With that sort of logic, that should have taken America off the map after the Clinton BJ incident. Because some people thought it was wrong.

 

I have no problem saying it as it is in the real world; K. Prinya should stick to rectoring at his university.

With great power comes great responsibility.

Premchai is viewed by many as failing to exercise such responsibility and one has to assume his underlings will be of similar mindset.

Clearly from the start he has considered himself above the law and worse considers himself entitled to indulge in the slaughter of protected species.

His flagrant disregard for the rule of law and lack of any moral compass suggest that type of culture will be rife in his organisation.

 

This is why the shareholders are growing more concerned.

 

Premchai saying their operations are not at all affected by the scandal at the AGM is very short sighted.

12 minutes ago, coulson said:

This is why the shareholders are growing more concerned.

 

Premchai saying their operations are not at all affected by the scandal at the AGM is very short sighted.

Why is it short-sighted when there have been no repercussions for the company so far and there's not likely to be any?  What has been reported in the OP is just one person's opinion, it is not being acted upon!

It can be observed the world over that some highly qualified academics can often demonstrate an amazing lack of commonsense. Thailand seems to be no exception.

Likewise they can often be observed to compensate for this shortcoming with an oversupply of eccentricity.

Edited April 27, 20188 yr by Cadbury

6 minutes ago, Father Fintan Stack said:

Those are attributes that most Thais exhibit from my extensive experience. 

 

Very astute and of course correct.

 

Everything happens here for a reason; and that reason is money. 

If we are going down the route of conspiracy, i prefer the prosecution and publicity of this guy being a deflection away from horologic excesses theorem.

23 minutes ago, Just Weird said:

Why is it short-sighted when there have been no repercussions for the company so far and there's not likely to be any?  What has been reported in the OP is just one person's opinion, it is not being acted upon!

This is not the kind of publicity a company doing major state infrastructure projects needs. If it was the US he would have resigned immediately to avoid affecting the business.

 

As far as it not affecting them thus far I beg to differ - see below snapshot of their share performance since the incident in February. As far as stating it likely will not have any further implications, no further comment!

5 minutes ago, coulson said:

This is not the kind of publicity a company doing major state infrastructure projects needs. If it was the US he would have resigned immediately to avoid affecting the business.

 

As far as it not affecting them thus far I beg to differ - see below snapshot of their share performance since the incident in February. As far as stating it likely will not have any further implications, no further comment!

I agree, would have jumped or been pushed in US or UK, "i wish to spend more time with the family".  Thailand however is more about deny everything.

1 hour ago, chrisinth said:

Why?

 

No doubt Premchai has done wrong, but to stop the company bidding for projects because of it?

 

With that sort of logic, that should have taken America off the map after the Clinton BJ incident. Because some people thought it was wrong.

 

I have no problem saying it as it is in the real world; K. Prinya should stick to rectoring at his university.

Sorry but I don't agree. This poacher is one of the companies "elites". Either he comes clean and goes to jail for his crime or the company can keep on vouching for him and lose money or him.

45 minutes ago, Father Fintan Stack said:

Those are attributes that most Thais exhibit from my extensive experience. 

 

Very astute and of course correct.

 

Everything happens here for a reason; and that reason is money. 

It happened because he got caught with guns and dead panthers.

1 hour ago, greenchair said:

Innocent till proven guilty. 

Guilty? With his wealth and connections? In the land of impunity??

2 hours ago, webfact said:

Thammasat University vice rector Prinya Thaewanarumitkul said on Thursday (April 26) that Italian-Thai Development Plc (ITD) should not be allowed to bid for state projects

Okey, it might be right to say, but there is a big catch to consider here. That is the reason why ITD is used so much. In very many areas they are the only existing company in Thailand to take on massive projects as well as having the knowledge to do it. The good rector did not think about that the quality can go down and that wrongly constructed buildings, bridges and roads as well as railways is creating bigger risks for the people that use them.

There is more going on with ITD than we know about, and has nothing to do with the Poacher being caught by the Gamekeeper.

I heard a rumuor they were kicked off a prestigious development close to Patts 

The reason given was poor quality work

A witch hunt in progress me thinks.

 

3 minutes ago, Cake Monster said:

There is more going on with ITD than we know about, and has nothing to do with the Poacher being caught by the Gamekeeper.

I heard a rumuor they were kicked off a prestigious development close to Patts 

The reason given was poor quality work

A witch hunt in progress me thinks.

 

All the more reason for the ceo to get out of Dodge.

5 hours ago, taipan1949 said:

It happened because he got caught with guns and dead panthers.

He definitely did not shoot that delicious plump breasted Panther....!!!

Edited April 27, 20188 yr by Jeremia Juxtaposed

7 hours ago, Expatthailover said:

With great power comes great responsibility.

Premchai is viewed by many as failing to exercise such responsibility and one has to assume his underlings will be of similar mindset.

Clearly from the start he has considered himself above the law and worse considers himself entitled to indulge in the slaughter of protected species.

His flagrant disregard for the rule of law and lack of any moral compass suggest that type of culture will be rife in his organisation.

 

 

Companies are a legal entity in their own right. Premchai isn't the company. The company is owned by shareholders. They decide who will be the directors and officers.

 

CEO's certainly influence and have effect on organizational culture, some more than others. But, Premchai has not been convicted of any offense yet. If and when he is, and sentenced, his position as CEO may be terminated depending on the clauses in his employment contract and company rules. Or the shareholders may choose to vote him out.

 

Meantime suggesting that the company is excluded from bids has dubious legality, particularly given the defamation laws here.

12 minutes ago, Baerboxer said:

 

Companies are a legal entity in their own right. Premchai isn't the company. The company is owned by shareholders. They decide who will be the directors and officers.

 

CEO's certainly influence and have effect on organizational culture, some more than others. But, Premchai has not been convicted of any offense yet. If and when he is, and sentenced, his position as CEO may be terminated depending on the clauses in his employment contract and company rules. Or the shareholders may choose to vote him out.

 

Meantime suggesting that the company is excluded from bids has dubious legality, particularly given the defamation laws here.

He and his family own about 50% of the company so i doubt he is going anywhere unless he chooses to.

8 minutes ago, smutcakes said:

He and his family own about 50% of the company so i doubt he is going anywhere unless he chooses to.

 

That may be so. 

 

But it's no reason to suggest a boycott of the business. A suggestion which could result in a defamation action filed by the company as a legal entity in it's own right. Which as you know, also kicks off a criminal investigation under Thai law.

 

If convicted, he should be punished, as an individual who committed an offense.

 

He and not the company or its other shareholders is the one being prosecuted. 

44 minutes ago, Baerboxer said:

 

Companies are a legal entity in their own right. Premchai isn't the company. The company is owned by shareholders. They decide who will be the directors and officers.

 

CEO's certainly influence and have effect on organizational culture, some more than others. But, Premchai has not been convicted of any offense yet. If and when he is, and sentenced, his position as CEO may be terminated depending on the clauses in his employment contract and company rules. Or the shareholders may choose to vote him out.

 

Meantime suggesting that the company is excluded from bids has dubious legality, particularly given the defamation laws here.

You are 100% correct. Strictly speaking, Premchai and ITD are two legally separate entities. 

If ITD stock takes a plunge based on its CEO's actions, so be it. The market will make its voice heard. 

However, to put a ban on bids for a publicly traded company with thousands of shareholders because of the alleged deplorable actions of one man (not yet convicted) I believe is not legal (regardless of how much people want this guy to get justice). 

It may even be against int'l law: collective punishment.

In any case, this is not a defence of Premchai just laying out the legalities. 

Hope he does real time. 

As CEO he represents the company - anything he does reflects positively/negatively on the business. 

 

http://englishnews.thaipbs.or.th/minister-surasak-doubts-officials-give-premchai-moral-support-sympathy/

in Breaking News, General | April 27, 2018 | (28 views) | By Thai PBS

 

Minister of Natural Resources and Environment Gen Surasak Karnjanarat on Friday (April 27) dismissed claim by Italian-Thai Development Plc (ITD) president Premchai Karnasuta that he had received sympathy from several governmental agencies and their officials.

 

9 hours ago, chippendale said:

Guilty? With his wealth and connections? In the land of impunity??

He has not been treated any differently, in fact he has recieved over the top harassment since the beginning. No other poacher has ever received the treatment that he has got just because he is rich. 

10 hours ago, coulson said:

This is not the kind of publicity a company doing major state infrastructure projects needs. If it was the US he would have resigned immediately to avoid affecting the business.

 

As far as it not affecting them thus far I beg to differ - see below snapshot of their share performance since the incident in February. As far as stating it likely will not have any further implications, no further comment!

You're right, it has had a massive impact!  1.2% drop, devastating!  And analysts have said that the huge drop is due to what?

 

 

5 hours ago, Cake Monster said:

There is more going on with ITD than we know about, and has nothing to do with the Poacher being caught by the Gamekeeper.

I heard a rumuor they were kicked off a prestigious development close to Patts 

The reason given was poor quality work

A witch hunt in progress me thinks.

 

"There is more going on with ITD than we know about.."

Such as what; says who?  Which development? 

 

"A witch hunt in progress..."

Aided and abetted by unsubstantiated rumours spread by the likes of you!

11 hours ago, coulson said:

This is why the shareholders are growing more concerned.

 

Premchai saying their operations are not at all affected by the scandal at the AGM is very short sighted.

Which shareholders?  Where has that been reported?