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News Forum - Major creditors to rescue distressed Italian-Thai Development
Italian-Thai Development (ITD) Plc is a successful Thai construction company It was founded in 1958 by Chaijudh Karnasuta, a Thai entrepreneur, and Giorgio Berlingieri, an Italian businessman. The partnership began in 1954 when they collaborated on salvaging sunken ships from the Chao Phraya River. The company became a publicly listed company on the Stock Exchange of Thailand (SET) in 1994. It grew in size and political influence – in 1997 ITD survived the 1997 Asian financial crisis after a successful “business rehabilitation” process – e.g. more money poured in. They are known for constructing major infrastructure projects in Thailand, including the Suvarnabhumi Airport. Today, ITD has interests not just in Thailand but also around Southeast Asia. Premchai Karnasuta, the former president, was indeed involved in a poaching incident at Thungyai Naresuan Wildlife Sanctuary in February 2018. Park rangers apprehended Premchai Karnasuta and his associates while they were camping within the sanctuary. they found them with weapons, the remains of a black panther (including its skin and soup made from its tail), and other protected wildlife carcasses. The incident sparked significant public outrage in Thailand due to the grossness of the crime and Premchai's prominent position. The case “went through” the Thai legal system: Premchai denied the charges. However, after appeals, Thailand's Supreme Court found Premchai, his driver, and his hunting guide guilty in December 2021. They received prison sentences for poaching and possessing wildlife carcasses. Due to “time served” and changes in wildlife protection laws, Premchai was released from prison in December 2022. -
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News Forum - Phuket launches free electric bus to drive sustainable tourism
How long time before the mafia controls it, just like Bolt has been taken over by mafia in Chonburi and Rayong? -
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News Forum - Deputy minister’s son crashes BMW into police checkpoint
Don't you love the "rule of law" in South East Asia..- 1
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News Forum - Songkran celebration turns violent in Phitsanulok with gang attack
Wonder if the police conducted drug tests ? I had a chance to drive around the city at about 10pm to see how this year’s festivities were going. At that time of night, a lot of traffic filled with youths were into some heavy celebrations. Completely soaked and in a frenzy of dong and dance, and I’m sure fueled by stimulants. -
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News Forum - Major creditors to rescue distressed Italian-Thai Development
It would be interesting to know which side of this corporate partnership is responsible for the mess it finds itself in, or if it's a combination of two incompetents propping each other up. I think BBL is hoping for a bit of a miracle in their new approach to the company so they don't have to take a major hit by having all the money they gave devolve into NPLs.
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