Police have arrested four men in connection with the Tuesday night killing of Italian expatriate Luciano Butti.
The four are Denis Cavatassi, also Italian; Prasong Yongkit, Somchai Kasuk and Ratchanon Sawaree, all Thai.
Police said Cavatassi had told them he was a partner with Mr Butti in the Ciao Bella Restaurant on Phi Phi, and that Mr Butti had embezzled B9 million from the business.
Failing to get the money back, police allege, Cavatassi then paid B150,000 to Prasong, who had worked in the restaurant for nine years, to organise to have Mr Butti killed.
Prasong told the press conference that Mr Butti was an unpleasant boss, had cheated many people, and was “ruining” Thailand.
Prasong contacted Polawat Jongrak to arrange the hit. He in turn hired four others – Suchat and Eakachai Nimlaor, Ratchanon and Somchai Kasuk.
Ratchanon and Somchai were the planners for the hit, while Suchat was the gunman and Eakachai rode the motorbike for him.
Initially the team of four spent a week shadowing Mr Butti on Phi Phi but no suitable opportunity arose to kill him.
However, on Tuesday, according to police, Mr Butti left Phi Phi to attend a court hearing the following day. Prasong arranged to meet him for dinner that evening in Ao Por.
On his way to the restaurant Mr Butti, apparently suspecting that he was being followed, and turned off the main road onto the road to the Bang Pae waterfall, which is in the Khao Phra Taeo National Park.
Not far from the park entrance he was stopped and killed.
Three of those involved in the killing, the gunman and his driver, along with Somchai, are still on the run. Police hope to arrest them soon.