Thai Petrochemical Industry PCL's founder Prachai Leophairatana was sacked from his position as chairman after the Commerce Ministry endorsed a new board representing new shareholders led by PTT PCL, even as the embattled founder vowed to continue his legal fight for control. Prachai's wife and two brothers were also dismissed from the company by the new board.
Piti Yimprasert, formerly president of Thai Oil Plc, was named TPI's president, a board director and board secretary. Central Bankruptcy Court had last week approved of TPI's exit from rehabilitation last week after six years of court-supervised restructuring. But the approval opened a legal loophole with both Prachai and the new shareholders claiming the right to appoint a new board.
04-May-06 
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