New board for gets approval despite protests from Prachai

29-Apr-06

Shareholders of Thai Petrochemical Industry Plc approved the appointment of 15 new board members, including representatives from its new partners led by PTT Plc. Before the meeting started, TPI founder Prachai Leophairatana, voted as chairman of the company on Wednesday by the old board he controlled, wished to inform the assembled shareholders about his new position. However, the microphone was turned off, leaving him shouting his speech, and after 20 minutes of negotiations, he was escorted by police officers out of the meeting room. Over 1,000 soldiers and police officers were positioned at the Air Force Hall where the meeting took place to prevent any problems. All attendees were screened at three levels. While on stage, Prachai flashed a Nonthaburi court order that bars the Finance Ministry from hosting the shareholders meeting. However this meeting was hosted by TPI, and not the Finance Ministry. TPI has every right to do so after the approved exit from the rehabilitation plan, under the temporary clause that after the exit there must be a shareholders' meeting to appoint new directors to complete the 25-member board. The temporary clause ends after all the directors are appointed. The new directors will be immediately registered with the Commerce Ministry. The Commerce Ministry will decide which appointments are legitimate, in the case of the 10 directors appointed by the Prachai-led board - who include Prachai's wife Orapin and several members of his family.