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Business
Thai Petrochem ousts founder
May 29, 2006
| A version of this story appeared in
Volume 84, Issue 22
The board of Thai Petrochemical Industry has voted to expel fellow board members Prachai Leophairatana, the founder of the company, and three of his relatives. TPI claims it had no choice but to dismiss Prachai in order to comply with the Stock Exchange of Thailand, which has accused Prachai of having improperly disclosed information about other companies he founded. Reports from a Bangkok press conference say Prachai claims the board had been illegally appointed and has no power to oust him. Prachai has been fighting to remain in charge of TPI since the company went bankrupt in 1998 during the Asian financial crisis.
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