TPI founder Prachai dismissed from board, Thailand

TPI founder Prachai dismissed from board, Thailand
Published: 26 May 2006

Prachai Leophairatana remains undecided over whether to continue his fight to regain control of Thai Petrochemical Industry or to enter politics.

On Monday, TPI directors, chaired by Gen Mongkol Ampornpisit, dismissed Mr Prachai as an executive and director. The board also agreed to cancel Mr Prachai’s personal guarantees against TPI’s debt, given that his shareholding now stands at just 4.25%.

The meeting was attended by 14 directors on the 25-member board.

Mr Prachai May 23 said he was undecided about his future."I will rest for a while prior to making any decisions about the next step in my life," he said.