By The Straits Times | Created at 2025-04-02 10:09:07 | Updated at 2025-04-05 02:34:10
2 days ago
BANGKOK - Xin Ke Yuan Steel Ltd, the producer of steel bars used in the State Audit Office (SAO) building that collapsed last week, also supplied steel products for the China-Laos railway project, a source revealed on April 2.
The company, which is majority-owned by Chinese nationals, has come under scrutiny following the collapse of the under-construction SAO building in Bangkok’s Chatuchak district.
The collapse occurred on the afternoon of March 28 due to the impact of the 7.7-magnitude earthquake near Mandalay, Myanmar.
The Industry Ministry announced on April 2 that two steel samples collected from the collapse site were found to be substandard.
These samples were traced back to Xin Ke Yuan Steel, whose factory in Rayong province was ordered to close in December 2024.
During an inspection of the factory on Dec 19, 2024, by Industry Minister Akanat Promphan, multiple safety and environmental violations were uncovered.
Reporters visiting the factory on April 2 confirmed that the plant remained closed, with only the office building operational. Despite the closure, it was reported that the factory still had around 2,000 tonnes of steel products in stock.
An inspection of a Google Maps review revealed that a customer purchased steel products from the factory approximately two months ago and had them delivered to Laos PDR for use in the China-Laos railway project.
Xin Ke Yuan Steel was registered on Feb 23, 2011, with a current capital of 1.53 billion baht (S$60 million).
The company operates a steel manufacturing plant in Nong Lalok, Ban Khai, Rayong. Its board of directors includes Jianqi Chen, Su Longchen, and Somphan Pankaew, with Jianqi Chen holding the largest stake at 64.91 per cent.
The company’s 2023 financial report shows total assets of 8.63 billion baht, liabilities of 2.69 billion baht, total revenue of 16.32 billion baht, expenses of 15.37 billion baht, interest payments of 54.14 million baht, corporate tax of 131.92 million baht, and a net profit of 772.32 million baht. THE NATION/ASIA NEWS NETWORK
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