A directive issued by the Securities and Exchange Commission has accused Prachai Leophairatana of violating securities laws and disqualified him from sitting on any listed company board. Prachai has vowed to challenge this move that has forced him to step down as a director of Thai Petrochemical Industry, TPI Polene and Bangkok Union Insurance, on grounds that to force him to step down as a company director was unfair and a selective application of the rules. Mr Prachai has been given 60 days to resign his positions at TPI, cement subsidiary TPI Polene and Bangkok Union Insurance by the SET, failing which, all three companies could face possible delisting.
However, certain grey areas continue to persist. For one thing, the removal of a board member will need the approval of the shareholders.
29-Aug-05 
{{comment.DateTimeStampDisplay}}
{{comment.Comments}}