The Board of Investment has temporarily suspended incentives for a Chinese steel manufacturer that provided materials for the construction of the collapsed State Audit Office building in Bangkok.
The decision to revoke the investment privileges for Xin Ke Yuan Steel Co. until further notice was made during a board meeting led by Deputy Prime Minister Pichai Chunhavajira on Friday.
This action is not retroactive and follows Industry Minister Akanat Promphan’s signing of an order to withdraw the incentives for the Chinese company.
The Board of Investment (BoI) has indicated that it may permanently terminate all benefits for the firm if the Industry Ministry revokes its factory license. Xin Ke Yuan Steel received BoI approval for investment incentives back in 2013.
The company produces billets and other steel products at its factory in Rayong and supplied steel bars and various products to contractors responsible for constructing the 30-story state building that collapsed during an earthquake on March 28.
Multiple investigations are currently underway regarding the cause of the collapse, with much suspicion directed towards substandard steel materials.
The incident resulted in 27 deaths, nine injuries, and 67 individuals still missing. At the time of the disaster, there were 103 workers and others inside the building when it was reduced to rubble following the earthquake near Mandalay in central Myanmar.
