The Stock Exchange of Thailand (SET) has ordered Thai Petrochemical Industry PCL, TPI Polene PCL and Bangkok Insurance PCL to sack Prachai Leopairatana from their boards. As per SET regulations, board members of listed companies must not be the subject of complaints or criminal charges filed by authorities. Prachai is ineligible to serve on the boards of listed companies because the Securities And Exchange Commission filed a complaint against him in August 2004 regarding alleged manipulation of the price of TPI Polene's shares in December 2003.
Prachai is the founder of TPI, the country's biggest debt defaulter. Prachai has been trying to obstruct a takeover of TPI, for restructuring of TPI debt of US$2.7 billion, by a group led by the state-owned oil and gas conglomerate PTT PCL.
24-Aug-05 
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