Italo-Thailand Development Co., one of Thailand’s largest construction groups, has been in the spotlight after a series of fatal accidents at its construction sites.
On January 14, a crane collapsed passenger train In the northeast of the country, at least 32 people died. Just a day later, another crane crashed onto a highway project in Samut Sakhon, killing two people. The Italian-Thailand Development Company is responsible for both projects, so on January 16, Thailand’s Ministry of Transport ordered more than a dozen projects overseen by the company to suspend construction for 15 days, citing “danger to the public.”
Ithai Development Company issued a statement to the Stock Exchange of Thailand on January 15, stating that it had initiated the loss assessment process and would assume responsibility and provide compensation. wealth The Italian-Thailand Development Company has been contacted for further comment.
The construction company also Related to the collapse of partially completed skyscrapers The earthquake in Bangkok followed a devastating earthquake in neighboring Myanmar last March. The disaster killed nearly 100 people.
Following the skyscraper incident, Premchai Karnasuta, chief executive of the Italian-Thailand Development Corporation, was indicted along with 22 others on charges including forgery of documents and professional negligence causing death. (Executives from China Railway 10th Bureau, a Chinese state-owned construction company that works with Itai Development, have also been charged.)
Italo-Thailand Development Company’s 2024 revenue reaches US$2 billion, ranking 174th globally wealthA list of Southeast Asia’s Top 500, which measures the region’s largest companies by revenue.
Thai businessman Uthai Vongnai and Italian engineer Giovanni Tani founded the Italo-Thailand Development Corporation in 1958 after they worked together to salvage five ships that had sunk in the Chao Phraya River. The company has expanded into areas such as real estate, manufacturing and mining, and has been involved in building some of Thailand’s largest public infrastructure projects, such as Bangkok’s subway system.
Still, the company has experienced some bumps in the past few years. According to statistics, they lost a total of 6 billion baht ($192 million) between 2020 and 2022 this bangkok postThis is partly because the company’s work in Myanmar has stalled following the 2021 coup and military rule.
Pearnasantata, CEO, Old Development Jailed for illegal poaching In 2021, he was arrested in a Thai wildlife reserve with hunting equipment and animal carcasses. He is eligible for parole in 2023.
The Italian-Thailand development company was forced to cut costs and abandon several overseas units. The company’s market capitalization fell to 1 billion baht ($32 million) in 2026 from a peak of 12 billion baht ($384 million) in 2021.