ITD president reports to police over SAO building collapse

Accompanied by his personal lawyer, Premchai reported to officers at Bang Sue Police Station following the Metropolitan Police Bureau (MPB)’s issuance of arrest warrants for 17 suspects linked to the incident. 

The case involves the collapse of a 30-storey building in Bangkok’s Chatuchak district on March 28, triggered by an earthquake, which resulted in multiple deaths and injuries.

The suspects face Penal Code charges for professional negligence in building design, supervision, or construction that resulted in injuries and deaths.

Premchai arrived at the station at 8am in a private van, assisted by close associates who provided a wheelchair. As he was wheeled into the station, reporters asked whether he admitted guilt, felt concerned or wished to apologise to the public. He remained silent and did not respond to any questions.

Other suspects, including engineer Pimol Charoenying, who certified the original design, and Kriengsak Kowattana, executive vice president of ITD, also appeared at the station accompanied by their legal counsel.

Police officers at Bang Sue Police Station erected metal barricades to maintain order and prevent the media from entering the interview area.

The SAO building was constructed by the ITD-CREC Joint Venture, in collaboration with China Railway Number 10 (Thailand). 

The joint venture is currently under investigation by several government agencies, with inquiries divided into three key areas: the use of Thai nominees holding shares on behalf of foreign nationals, the use of substandard or non-compliant construction materials, and the cause of the building’s collapse.

According to a report by Krungthep Turakij, China Railway Number 10 (Thailand) is linked to over 14 affiliated companies. Three Thai nationals are listed as directors and shareholders across these firms, which have collectively signed at least 29 public procurement contracts with the government, with a total value exceeding 22 billion baht.

The company is reported to operate using a joint venture model with other private entities. Typically, it begins by purchasing government bid documents and then partners with well-capitalised Thai firms to form joint ventures before submitting their bids.

The ITD-CREC Joint Venture has entered into at least two government contracts, with a combined value of approximately 11.48 billion baht:

High-speed rail project (Bangkok–Nakhon Ratchasima): Part of the Thai-Chinese government cooperation initiative to develop a regional high-speed rail network, this project saw the joint venture between Italian-Thai Development and China Railway Number 10 Engineering Group awarded Contract 3-1 for civil works along the Kaeng Khoi–Klang Dong and Pang Asok–Bandai Ma sections.

Overseen by the State Railway of Thailand (SRT), the project had an approved budget of 11.38 billion baht as of March 28, 2019, with a reference price of 11.06 billion baht. The joint venture secured the contract with a winning bid of 9.34 billion baht.

SAO building project: On November 23, 2020, the ITD-CREC Joint Venture was contracted to construct the new SAO headquarters and associated structures, with a total contract value of 2.14 billion baht.

ITD is one of Thailand’s leading infrastructure construction companies, owned by the Karnasuta family. The company was listed on the Stock Exchange of Thailand (SET) on March 24, 1994. 

It currently has registered capital of 6.33 billion baht, with 5.27 billion baht paid-up. The company’s headquarters is located on New Phetchaburi Road, Bang Kapi subdistrict, Huai Khwang district, Bangkok.

ITD’s core business involves construction contracting and the manufacture of commissioned works. The board of directors comprises nine members: Premchai Karnasuta, Nijaporn Charanachitta, Pathai Chakornbundit, William Lee Zentgraf, Peeti Karnasuta, Thoranis Karnasuta, Sai Wah Simon Suen, Pinyo Meechumna, and Virat Kongmaneerat.

As of April 2, 2025, the top five shareholders were: Premchai Karnasuta (11.90%), Nijaporn Charanachitta (6.64%), Thai NVDR (3.46%), Panakul Wattanaudom (0.96%) and Chaiya Sakulchaivanich (0.89%).

The latest financial statement for 2023 reported total assets of 89.25 billion baht and liabilities of 80.96 billion baht. ITD earned 31.23 billion baht in revenue against 29.07 billion baht in expenses, with 2.17 billion baht in interest payments and 177.17 million baht in income tax, resulting in a net loss of 194.87 million baht.