webfact Posted March 25 Share Posted March 25 The President of Italian-Thai Development Plc Premchai Karnasuta. His construction firm is the largest in Thailand. However, it is burdened with liabilities of ฿106 billion in a gathering financial storm which has seen it unable to pay wages. Mr Premchai was jailed by a Thai court in 2020 for illegal poaching. He was later released on parole in October 2023 on health grounds. There are rising fears that Thailand could be facing a private-sector debt crisis. It comes as the country’s leading construction firm fights for survival. Thai Construction behemoth Italian-Thai Development Plc (ITD) fights for survival amid a growing financial crisis. Intense negotiations are ongoing. Worker wages in limbo. Government and banks are on edge. Will Italian-Thai weather this storm as it did previously in 1997? Intensive negotiations are underway to secure the future of Thailand’s top construction firm Italian-Thai Development plc (ITD). At this time, the focus is on securing a financial lifeline for the firm to pay outstanding salaries by the end of April. The firm shocked Thailand’s financial market in January when it deferred ฿14.45 billion in bond repayments for two years. Similarly, with a flood of complaints over unpaid wages, the Ministry of Labour has now been forced to intervene. The firm recently requested an extension to file its financial statements for the year 2023 after its auditors refused to sign off on the accounts, citing the need for a review. The huge construction behemoth, established in Thailand in 1958, has been a key player in the kingdom’s economy and industrial development since. Its current predicament and financial distress could also certainly spell wider problems for Thailand’s economy. Established in 1958 as a partnership between a Thai businessman and an Italian, the Italian Thai Development Corporation has played a key role in developing the country’s infrastructure. by James Morris and Son Nguyen Full story: Thai Examiner.com 2024-03-26 - Discover how Cigna Insurance can protect you with a range of visa-compliant plans that meet the minimum requirement of medical treatment. For more information on expat health insurance click here. Get our Daily Newsletter - Click HERE to subscribe 1 1 2 Link to comment Share on other sites More sharing options...
Popular Post flyingtlger Posted March 25 Popular Post Share Posted March 25 22 minutes ago, webfact said: There are rising fears that Thailand could be facing a private-sector debt crisis. It comes as the country’s leading construction firm fights for survival. Following china's lead...... 2 1 1 Link to comment Share on other sites More sharing options...
Popular Post Middle Aged Grouch Posted March 25 Popular Post Share Posted March 25 Foreigners will not invest in real estate any more with all the crooks who sell defective homes in major beach towns like Hua Hin 2 1 2 1 Link to comment Share on other sites More sharing options...
Popular Post Pdavies99 Posted March 25 Popular Post Share Posted March 25 (edited) 2 hours ago, webfact said: The President of Italian-Thai Development Plc Premchai Karnasuta. His construction firm is the largest in Thailand. However, it is burdened with liabilities of ฿106 billion in a gathering financial storm which has seen it unable to pay wages. Mr Premchai was jailed by a Thai court in 2020 for illegal poaching. He was later released on parole in October 2023 on health grounds. There are rising fears that Thailand could be facing a private-sector debt crisis. It comes as the country’s leading construction firm fights for survival. Thai Construction behemoth Italian-Thai Development Plc (ITD) fights for survival amid a growing financial crisis. Intense negotiations are ongoing. Worker wages in limbo. Government and banks are on edge. Will Italian-Thai weather this storm as it did previously in 1997? Intensive negotiations are underway to secure the future of Thailand’s top construction firm Italian-Thai Development plc (ITD). At this time, the focus is on securing a financial lifeline for the firm to pay outstanding salaries by the end of April. The firm shocked Thailand’s financial market in January when it deferred ฿14.45 billion in bond repayments for two years. Similarly, with a flood of complaints over unpaid wages, the Ministry of Labour has now been forced to intervene. The firm recently requested an extension to file its financial statements for the year 2023 after its auditors refused to sign off on the accounts, citing the need for a review. The huge construction behemoth, established in Thailand in 1958, has been a key player in the kingdom’s economy and industrial development since. Its current predicament and financial distress could also certainly spell wider problems for Thailand’s economy. Established in 1958 as a partnership between a Thai businessman and an Italian, the Italian Thai Development Corporation has played a key role in developing the country’s infrastructure. by James Morris and Son Nguyen Full story: Thai Examiner.com 2024-03-26 - Discover how Cigna Insurance can protect you with a range of visa-compliant plans that meet the minimum requirement of medical treatment. For more information on expat health insurance click here. Get our Daily Newsletter - Click HERE to subscribe It looks like Thailand's financial mis-management in Government and Private business may be unravelling!! Edited March 25 by Pdavies99 1 3 3 Link to comment Share on other sites More sharing options...
ExpatOilWorker Posted March 25 Share Posted March 25 Time to chance the name to Ital-bye 👋. 1 1 Link to comment Share on other sites More sharing options...
Popular Post ronster Posted March 25 Popular Post Share Posted March 25 Karma for shooting the cat !! 😃 4 2 2 5 5 Link to comment Share on other sites More sharing options...
Popular Post hotchilli Posted March 25 Popular Post Share Posted March 25 3 hours ago, webfact said: There are rising fears that Thailand could be facing a private-sector debt crisis. It comes as the country’s leading construction firm fights for survival. How the mighty fall, 2 1 2 Link to comment Share on other sites More sharing options...
jacko45k Posted March 25 Share Posted March 25 Just now, hotchilli said: How the mighty fall, Yes, this is a big one. Link to comment Share on other sites More sharing options...
hotchilli Posted March 25 Share Posted March 25 Just now, jacko45k said: Yes, this is a big one. Maybe it's a sign that the overall economy is going south, and Thailand if it was honest would admit it's in dire straights? 1 Link to comment Share on other sites More sharing options...
Popular Post dick turpin Posted March 26 Popular Post Share Posted March 26 Just now, hotchilli said: Maybe it's a sign that the overall economy is going south, and Thailand if it was honest would admit it's in dire straights? Or even dire straits 2 4 Link to comment Share on other sites More sharing options...
Popular Post nobodysfriend Posted March 26 Popular Post Share Posted March 26 4 hours ago, webfact said: Premchai Karnasuta. 4 hours ago, webfact said: is burdened with liabilities of ฿106 billion in a gathering financial storm which has seen it unable to pay wages. Mr Premchai was jailed by a Thai court in 2020 for illegal poaching. He was later released on parole in October 2023 on health grounds. The revenge of the black panther ... 1 1 1 5 Link to comment Share on other sites More sharing options...
JoePai Posted March 26 Share Posted March 26 1 hour ago, dick turpin said: Or even dire straits Ah you mean 'Going Home' 1 Link to comment Share on other sites More sharing options...
Popular Post Tropicalevo Posted March 26 Popular Post Share Posted March 26 2 hours ago, hotchilli said: How the mighty fall, Sadly, they take down a lot of poor people as they do fall. 1 6 Link to comment Share on other sites More sharing options...
brianthainess Posted March 26 Share Posted March 26 Cat soup anyone? Link to comment Share on other sites More sharing options...
Popular Post realfunster Posted March 26 Popular Post Share Posted March 26 A look at their Q3 2023 financials shows a lot of significant matters identified by the auditor. Looks like IT have got into bed with various governments for concessions including Myanmar, Laos and Mozambique. Seems these “assets” are unraveling now. Not an expert but doing business in these countries would seem excessively high risk… After debacle at Stark, the last thing the SET needs is another major corporate scandal. 1 1 2 Link to comment Share on other sites More sharing options...
ThaiFelix Posted March 26 Share Posted March 26 2 hours ago, hotchilli said: How the mighty fall, No problem, Im sure there is still plenty of the black stuff still under the mattress or stashed offshore. You break the laws of the country, get jailed rightly for it (but too short), your business suffers because of your guilt and you want sympathy? Why not GoFundMe? 1 Link to comment Share on other sites More sharing options...
hotchilli Posted March 26 Share Posted March 26 2 hours ago, dick turpin said: Or even dire straits Yep... that one Link to comment Share on other sites More sharing options...
Popular Post Nick Carter icp Posted March 26 Popular Post Share Posted March 26 2 hours ago, dick turpin said: Or even dire straits The problem is that they got too much money for nothing 5 Link to comment Share on other sites More sharing options...
hotchilli Posted March 26 Share Posted March 26 1 hour ago, Tropicalevo said: Sadly, they take down a lot of poor people as they do fall. Unfortunately yes.. 2 Link to comment Share on other sites More sharing options...
lordgrinz Posted March 26 Share Posted March 26 Karma has a way of fixing everything. 1 Link to comment Share on other sites More sharing options...
Popular Post huangnon Posted March 26 Popular Post Share Posted March 26 2 hours ago, Tropicalevo said: Sadly, they take down a lot of poor people as they do fall. My BIL works for them on a port project in Rayong. He has not been paid for over two months now. Rumours are that SCB bank is buying them out. 2 1 Link to comment Share on other sites More sharing options...
Popular Post Hardcastle P Posted March 26 Popular Post Share Posted March 26 4 hours ago, hotchilli said: How the mighty fall, It's just a pity the employees and suppliers are the ones that suffer the most. 1 3 Link to comment Share on other sites More sharing options...
Tropicalevo Posted March 26 Share Posted March 26 15 minutes ago, huangnon said: My BIL works for them on a port project in Rayong. He has not been paid for over two months now. Rumours are that SCB bank is buying them out. I hope that the rumours are true - for your BIL and all of the other poor sods struggling for cash in these trying times. 2 Link to comment Share on other sites More sharing options...
jvs Posted March 26 Share Posted March 26 AN to the rescue! 1 2 Link to comment Share on other sites More sharing options...
Doc Undies Posted March 26 Share Posted March 26 15 hours ago, dick turpin said: Or even dire straits Mark Knopfler concurs Link to comment Share on other sites More sharing options...
zhounan Posted March 26 Share Posted March 26 Thailand public companies are packed with do-nothing people with high wages. Link to comment Share on other sites More sharing options...
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