July 8, 2008
Bangkok - Italian-Thai Development Plc (ITD) stock fell 3.69% this morning to make its new low in sixteen months after the 125-million-baht bribe scandal during Samak governorship.
It was reported the former executive of Nishimatsu Construction of Japan told Tokyo District Public Prosecutors Office that the company paid 125 million baht to win the 2-million-baht tunnel project from BMA.
Prime Minister Samak Sundaravej was Bangkok Governor during that time.
Investors keep their eye on ITD stock for fear the scandal will affect investors’ confidence and all mega-project plans.
ITD and Nishimatsu Construction jointly bade for the tunnel project.
ITD stock dropped 3.69% to 4.70 baht. The trading volumes were 45.78 million baht this morning.
ITD got a lot of pressure because of uncertain political situation and rising construction costs.
It is expected ITD’s second-quarter performance would not be promising.
Bangkok Governor Apirak Kosayodhin ordered an urgent probe into bribery.
