21 May 2024

Italian-Thai Development PCL issued a statement today (Wednesday) offering assurance that the imprisonment of its president, Premchai Karnasuta, for poaching and other offences will not affect the operations or management of Thailand’s leading construction company.

In the statement, the company said that it had named Premchai’s youngest son Thoranis Karnasuta as acting president, effective from December 1st, as Premchai begins to serve his sentence at Thong Pha Phum district prison.

Today, the Supreme Court upheld the thirty-eight-month prison sentence handed down to Premchai by the Appeals Court.

The company also said that it had restructured the company into eight business clusters, involving 23 core construction groups, each of which is under the direction of senior executives.

The company also assured its shareholders, customers, trading partners and others that its management team is capable of managing the company’s businesses efficiently.