ITD epic from the legendary giant.

ITD Epic from Legendary Colossus to Expensive Lessons at the Exchange for Life and People's Taxes [# This is talking about]

.

In the Thai construction industry, no one knows the Italian Thai Development Company, or ITD, a giant with a history of more than 60 years, and is listed in virtually every Mega Project in the country.

But why is it that today ITD's name has become a symbol of tragedy and political conflict?

Today, Time Machine will take everyone on the trail, one of the most expensive "business lessons in Thai history.

.

🕰️ flashback. The golden age of ITD.

ITD was founded in 1958 by Dr. Chaiyuth Hermit and his Italian partners. They are the creators of Suvarnabhumi Airport, the first BTS Transit, and almost every expressway we use. This is a company that has been granted the title of "Garuda Badge," reflecting the highest honor in the business world.

.

🐆 Cracks from the Black Panther case.

The first crack that Thai people remember is the "Black Panther case" in 2018, where Mr. Prem Chai Hermit was arrested. Although many people considered it personal, in the modern business world, the "leader" is the representative of the "brand," the confidence of investors and society during that period began to plummet.

.

📉 Financial crisis

Over the past 3 years, ITD has faced a heavy financial monsoon.

The stock price from once glorious. Today the price moves at 0.15 to 0.18 baht.

Liquidity. Employee pay freeze problem until frequent strikes.

With no money in circulation, many standards may be lowered, such as safety and machinery maintenance standards, leading to the recent January 2026 tragedy of the eyebrow-colored crane collapse (32 bodies) and the incident on Rama 2 Road the following day.

.

🚩: The more you fall, the more you get a job.

This is the most questionable point, because data from the securities market indicates that in the last three months (Oct-Dec 2025), ITD has been grabbing a huge amount of state work.

🏥 1. The Rama General Hospital Building Project (9,999 million), a project in which the public contributed a small amount to help build the hospital.

⚡ 2. The separate utility works (three contracts), electricity, plumbing and telecommunications, worth hundreds of millions of baht, were signed last mid-October.

.

# What has been learned from this

1️⃣ Our state job auction system doesn't really look at "job page availability" and "safety history."

The company has financial problems and has had major accidents, but also gets tens of billions of jobs. This is a risk that the public bears.

2️⃣ Reputation Created 60 Years Broke In 5 Minutes Branding is not just advertising, but "responsibility." Every action you have to be conscious and have good governance.

3️⃣ Life is worth more than profit. If your business has to speed up work at the risk of others, that could be the beginning of the end.

.

As citizens and tax users, we should remain silent or question:

✅ Should we really leave our lives to people who don't appreciate this kind of safety?

✅ This whole story, who should be responsible?

Comments can exchange views.

.

# TimeMachine # BusinessStorytelling # ITD# Italian Thai # Rama Director General # Rama 2 # CEOBranding # SME # Business Lessons