logo
Thai-Chinese company denies flouting safety measures in probe of skyscraper collapse following quake

Thai-Chinese company denies flouting safety measures in probe of skyscraper collapse following quake

Washington Post21-04-2025

BANGKOK — A Thai-Chinese company denied Monday allegations its steel rods did not pass safety standard tests after nationwide criticism prompted an investigation into the collapse of a high-rise building under construction after an earthquake last month in Bangkok.
Authorities are probing Xin Ke Yuan Steel and another Chinese contractor involved in the construction to find out why the building crumbled following a quake centered in Myanmar, more than 800 miles (1,200 kilometers) away. It was the only building that completely collapsed that day.
The 7.7 magnitude quake on March 28 killed more than 3,700 in Myanmar , while in Thailand, 47 were killed, mostly at the collapse site, and 47 others went missing.
The collapse sparked questions about the enforcement of construction safety and the state-run Chinese contractor, China Railway No. 10 Engineering Group, leading to the arrest Saturday of its Chinese executive in Thailand, identified as Zhang, on suspicion of operating the business through the use of nominees.
Foreigners can operate a business in Thailand, but it must be a joint venture with a Thai partner, and they cannot own more than 49% to protect local competitiveness.
Three Thai shareholders of the company are also wanted on suspicion of being the nominees, said officials of the Department of Special Investigation, Thailand's equivalent of the FBI. They also said they were looking into the quality of the construction material and whether the company illegally fixed its bidding.
The company posted a video online last year advertising the building, meant to be a new office of the State Audit Office, with plenty of drone footage and boasting about the quality of the design, construction and management of the project.
Last week, a Thai engineer filed a police complaint saying that his name and signature were forged as a project controller in one of the construction plans. He denied any involvement in the project.
Xin Ke Yuan Steel, also partly owned by Chinese nationals, came under scrutiny over the quality of the steel rods they provided for the buildings. Its operating license is currently suspended following a fatal fire accident in December at its factory in Rayong province.
Industry Minister Akanat Promphan said two types of steel rods found at the collapse site did not pass safety standards and that Xin Ke Yuan supplied both. He raided the company's factory on April 11 for evidence, saying that samples of the steel products confiscated by authorities following its December suspension have already failed two tests.
The company's legal team disputed Monday the test results in a press conference, stressing that all of their products had passed safety tests and that they were being treated unfairly by authorities. They, however, declined to comment when asked specifically about the test results of the company's steel rods found at the collapse site.
Earlier this month, the Revenue Department filed a complaint accusing Xin Ke Yuan of issuing over 7,000 false tax invoices. The company's lawyers on Monday denied any wrongdoing.
The search for the missing workers is still ongoing, Thai authorities say.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Stocks rise, dollar tentative ahead of US-China talks outcome
Stocks rise, dollar tentative ahead of US-China talks outcome

Yahoo

time25 minutes ago

  • Yahoo

Stocks rise, dollar tentative ahead of US-China talks outcome

By Rae Wee and Johann M Cherian SINGAPORE (Reuters) - Stocks were buoyant and the dollar remained on guard on Tuesday as trade talks between the United States and China were set to extend to a second day, with tentative signs tensions between the world's two largest economies could be easing. U.S. President Donald Trump put a positive spin on the talks at Lancaster House in London, which wrapped up for the night on Monday and were set to resume at 0900 GMT on Tuesday. "The fact that we're still up here near record highs, does suggest that we are seeing the market accept what has been said by Trump and when you look at some of the other comments from Lutnick and Bessent, to me it seems to suggest that they are relatively happy with the progress," said Tony Sycamore, a market analyst at IG. "But the market always likes to see some concrete announcements." As Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and U.S. Trade Representative Jamieson Greer were set to meet for the second day with their Chinese counterparts, much of investors' focus has been on the progress of the talks. Any progress in the negotiations is likely to provide relief to markets given Trump's chaotic tariffs and swings in Sino-U.S. trade ties have undermined the world's two biggest economies and hobbled global growth. Stocks advanced in Asia, extending their rise from the start of the week. MSCI's broadest index of Asia-Pacific shares outside Japan advanced 0.5%, while Nasdaq futures gained 0.62%. S&P 500 futures edged 0.43% higher. EUROSTOXX 50 futures and FTSE futures both added roughly 0.1% each. In Tokyo, attention was also on the Japanese government bond (JGB) market, following news that Japan is considering buying back some super-long government bonds issued in the past at low interest rates. The yield on the 10-year JGB fell one basis point to 1.46% in early trade, while the 30-year yield slid 5 bps to 2.86%. Yields on super-long JGBs rose to record levels last month due to dwindling demand from traditional buyers such as life insurers, and jitters over steadily rising debt levels globally. "The volatility at the super-long segment of the curve stems from a supply-demand imbalance that has been brewing since the BOJ embarked on balance sheet normalisation," said Justin Heng, APAC rates strategist at HSBC Global Investment Research. Japanese Finance Minister Katsunobu Kato said on Tuesday the government will conduct appropriate debt management policies while communicating closely with market participants. In currencies, the dollar attempted to regain its footing after falling on Monday. Against the yen, the dollar was up 0.45% to 145.25. The euro fell 0.28% to $1.1387 while sterling slipped 0.2% to $1.3523. Trump's erratic trade policies and worries over Washington's growing debt pile have dented investor confidence in U.S. assets, in turn undermining the dollar, which has already fallen more than 8% for the year. The next test for the greenback will be on Wednesday, when U.S. inflation data comes due. Expectations are for core consumer prices to have picked up slightly in May, which could push back against bets of imminent Federal Reserve rate cuts. The producer price index (PPI) report will be released a day later. "May's U.S. CPI and PPI data will be scrutinised for signs of lingering inflationary pressures," said Convera's FX and macro strategist Kevin Ford. "If core CPI remains elevated, expectations for rate cuts could be pushed beyond the June 18 FOMC meeting." Traders see the Fed keeping rates on hold at its policy meeting next week, but have priced in roughly 44 bps worth of easing by December. In the oil market, prices edged up, with Brent crude futures gaining 0.24% to $67.20 a barrel. [O/R] U.S. West Texas Intermediate crude was last up 0.25% at $65.45 per barrel after hitting a more than two-month high earlier in the session. Spot gold fell 0.5% to $3,310.40 an ounce. [GOL/] Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

Gold falls as traders watch US-China trade talks in London
Gold falls as traders watch US-China trade talks in London

Yahoo

timean hour ago

  • Yahoo

Gold falls as traders watch US-China trade talks in London

By Anmol Choubey (Reuters) -Gold declined on Tuesday as market participants awaited further developments from ongoing U.S.-China trade talks in London, with negotiations extending into a second day. Spot gold fell 0.5% to $3,311.16 an ounce, as of 0125 GMT. U.S. gold futures also fell 0.7% to $3,330.90. High-level trade talks between the U.S. and Chinese officials are extending into a second day, with discussions encompassing issues ranging from tariffs to rare earth restrictions. "With these key the U.S.-China trade talks still in the works, gold is trading reservedly until we see what if any progress is made between the two global superpowers," said Tim Waterer, chief market analyst at KCM Trade. U.S. President Donald Trump said his administration was "doing well" in the negotiations and noted positive reports from the talks. Last month, both sides agreed to a temporary pause tariffs, offering some relief to financial markets. "If traders come away from the U.S.-China talks this week thinking that the two nations remain on track to achieve a broader trade deal, safe-haven demand for assets such as gold could ease." Data from China showed export growth slowed to a three-month low in May as U.S. tariffs impacted shipments, while factory-gate deflation worsened to its deepest level in two years. Meanwhile, investors are now awaiting U.S. inflation data on Wednesday for more cues on the Federal Reserve's monetary policy path. "If CPI has ticked marginally higher that would be an expected result, but if it jumps then that could raise some alarm bells for investors, and any resulting flight to safety could help the gold price," Waterer said. Gold gains appeal during uncertain geopolitical and economic times and tends to do well when interest rates are low. Elsewhere, spot silver was down 0.6% to $36.51 per ounce, platinum dropped 0.8% to $1,210.46, while palladium fell 0.2% to $1,071.75. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

Dollar steady as traders await details from US-China talks
Dollar steady as traders await details from US-China talks

Yahoo

timean hour ago

  • Yahoo

Dollar steady as traders await details from US-China talks

By Ankur Banerjee SINGAPORE (Reuters) -The U.S. dollar was steady on Tuesday in tight trading as Washington and Beijing remained locked in trade talks that left investors on edge and hesitant in placing major bets while looking ahead to U.S. inflation report later in the week. Top economic officials from the world's two largest economies sought to defuse a bitter dispute that has widened from tariffs to restrictions over rare earths, with trade talks extending to a second day in London. The talks come after U.S. President Donald Trump and Chinese President Xi Jinping spoke by phone last week and at a crucial time for both economies, which are showing signs of strain from Trump's cascade of tariff orders since January. The lack of firm details from the talks despite positive notes from some officials and Trump meant the currency markets were frigid in Asian hours as traders held their position, reluctant to make major moves. The U.S. dollar was little changed against the yen at 144.57 in early trading. The euro last fetched $1.1425 and sterling was 0.1% firmer at $1.3563. "The extension of talks and some positive soundbites from the U.S. officials could offer short-term relief, markets are unlikely to buy into this optimism without real structural progress," said Charu Chanana, chief investment strategist at Saxo. Washington and Beijing are trying to revive a temporary truce struck in Geneva that had briefly lowered trade tensions and calmed markets. "Unlike the Geneva talks, where tariff relief provided easy wins, the London talks are now tackling thornier issues like chip export controls, rare earths, and student visas," said Chanana. "These are long-term, strategic matters—not easily resolved over a few days. That makes it harder to deliver a positive surprise." The Australian dollar, often seen as a proxy for risk sentiment, was flat at $0.652, while the New Zealand dollar was a touch firmer at $0.6058, staying close to the seven-month peak it touched last week. [AUD/] The dollar index, which measures the U.S. currency against six other units, was steady at 98.986, not far from the six-week low it touched last week. The index is down 8.7% this year as investors flee U.S. assets worried about the impact of tariffs and trade tensions on its economy and growth. Investor focus this week will be on the consumer price index report for May, due on Wednesday. The report could give insight into the tariff impact at a time investors are wary of any flare-ups in inflation. The CPI report will be one of the last key pieces of data before the Federal Reserve's June 17-18 meeting, with the U.S. central bank widely expected to hold rates steady. Fed officials have signalled that they are in no rush to cut interest rates and signs of economic resilience will likely cement their stance, but traders are pricing in nearly two 25-basis point cuts by the end of the year.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store