Investment Incentives Withdrawn Amid Controversy

In a dramatic fallout from the recent tragic collapse of the State Audit Office building in Bangkok, the Board of Investment has yanked investment privileges from Chinese steelmaker Xin Ke Yuan Steel Co. This company was involved in supplying materials for the ill-fated construction.

Immediate Action by Authorities

The decision was announced during an emergency board meeting, led by Deputy Prime Minister Pichai Chunhavajira. Effective immediately, all investment incentives for Xin Ke Yuan Steel have been suspended pending further investigation.

A Warning Sign from the Authorities

The Board of Investment made it clear that these penalties could escalate to permanent revocation of benefits if the Industry Ministry sees fit to cancel the company's factory license altogether. Xin Ke Yuan Steel originally received these incentives in 2013 for its operations in Rayong, where it manufactures steel billets and products.

Investigations Launched into the Collapse

The devastating collapse occurred on March 28, during a significant earthquake, taking 27 lives and leaving nine injured, with 67 still unaccounted for. Investigators are scrutinizing the quality of materials, with concerns that substandard steel may have played a crucial role in the tragedy.

The Human Impact of Industrial Failures

Before the collapse, the 30-story structure housed over 100 workers, turning into a nightmarish scene as it crumbled under the seismic tremors. The haunting question remains: Could better standards and inspections have prevented this disaster?