itstargetnews
Italian-Thai Development, one of Thailand’s largest construction conglomerates, is in the spotlight after a series of fatal incidents at its building sites.
On January 14, a crane collapsed a passenger train in the northeast of the country, killing at least 32 people. Just a day later, another crane fell on a highway project in Samut Sakhon province, leading to two deaths. The Italian-Thai Development is leading the two projects, and in Ene. 16, Thailand’s Transport Ministry ordered a 15-day suspension of construction on more than ten projects managed by the company, citing “danger to the public.”
Italian-Thai Development released a statement to the stock exchange in Thailand on January 15, announcing that it had begun the process of assessing the damage and taking responsibility by providing compensation. luck Italian-Thai Development has reached out for further comment.
The construction company is the same involved in the collapse of a partially-constructed skyscraper in Bangkok in March, after a devastating earthquake in nearby Myanmar. The disaster killed almost 100 people.
Following the skyscraper incident, Premchai Karnasuta, the CEO of Italian-Thai Development, was indicted along with 22 others, on charges including document falsification and professional negligence causing death. (Executives from China Railway No. 10, a Chinese state-owned construction company that cooperated with Italian-Thai Development, were also charged.)
Italian-Thai Development, with $2 billion in 2024 revenue, ranks No. 174 of luckThe Southeast Asia 500 list, which measures the largest companies in the region by revenue.
Thai businessman Uthai Vongnai and Italian engineer Giovanni Tani founded Italian-Thai Development in 1958, after the two worked together to save five ships that sank in the Chao Phraya River. The company has expanded into sectors such as real estate, manufacturing and mining, and has had a hand in building some of Thailand’s largest public infrastructure projects, such as Bangkok’s subway system.
However, the company has had a rocky few years. They lost a total of 6 billion Thai baht ($192 million) between 2020 and 2022, according to THE Bangkok Postin part after its work in Myanmar was halted following the 2021 coup and imposition of military rule.
Pernasantata, CEO of Old Development imprisoned for illegal poaching in 2021, after he was caught with hunting gear and animal carcasses in one of Thailand’s wildlife sanctuaries. He was released on parole in 2023.
Italian-Thai Development was forced to cut costs and dispose of several units abroad. The company’s market value has fallen from a peak of 12 billion baht ($384 million) in 2021 to 1 billion baht ($32 million) in 2026.
This story was originally featured on Fortune.com
