PUBLISHED: 5 Apr 2025 at 06:10
The Department of Special Investigation (DSI) has implicated three individuals in Thailand for allegedly acting as nominees holding shares in China Railway No.10 Thailand Co. The company was awarded a 2.1-billion-baht contract for the construction of the State Audit Office’s building, which collapsed during an earthquake in Bangkok on March 28.
Pol Maj Yutthana Praedam, DSI director-general, announced on Friday that the suspects are Prachuab Sirikhate, Sophon Meechai, and Manas Srianan.
DSI officials conducted a raid on Mr. Prachuab’s residence in Roi Et’s Phon Sai district; however, he was not present. Investigators spoke with his wife, who claimed he works in construction, earning a monthly income of about 10,000 baht.
“This raises questions about the legitimacy of his shareholdings in multiple entities,” Pol Maj Yutthana stated, adding that efforts are underway to locate the other two suspects.
Kanokraiwin Burinnan, an auditor, revealed that the three individuals are listed as founders and shareholders of the company. She noted that Mr. Manas previously held 360,000 shares, yet has since transferred nearly all to Mr. Sophon, leaving him with only 0.0003% of the firm’s shares.
The DSI is currently scrutinizing the share transfer between the two individuals. Notably, it has been reported that the three have no prior experience as construction contractors despite their shareholding positions in the company.
According to DSI sources, Mr. Sophon currently holds 40.79% of the shares, while Mr. Prachuab holds 10.2%. Pol Capt Surawut Rangsai, deputy director-general of the DSI, indicated that China Railway No.10 (Thailand) has secured government construction contracts worth a total of 22 billion baht from 2019 to 2024.
The investigation into these contracts by the DSI is expected to be completed within two months. Additionally, DSI officials are working to identify the head office of China Railway No.10 (Thailand) and plan to summon initial witnesses for questioning next week.
This investigation is part of a broader inquiry into alleged price collusion and nominee shareholdings, which has been designated as a special case by the DSI. The contract for the now-collapsed building was awarded to ITD-CREC, a joint venture that includes Italy’s Italian-Thai Development Plc.
Justice Minister Tawee Sodsong has emphasized the need for a nationwide investigation into nominee shareholders and businesses, stating that the DSI will thoroughly review the company’s joint ventures and operations to guarantee full transparency.
