Prachai dropped from board
The shareholders of Bangkok Union Insurance Plc have dropped Prachai Leophairatana as one of the company's directors following repeated threats from the Stock Exchange of Thailand.
When Prachai's tenure as a director recently expired, the shareholders did not reappoint him. The Stock Exchange has frequently warned the company that its stock could be delisted if Prachai were not removed from the board.According to the rules of the Securities and Exchange Commission, people who are blacklisted cannot become executives or directors of listed firms. Prachai was blacklisted after the securities watchdog claimed that he had provided information in a manner that convinced investors that TPI Polene (TPIPL)'s stock price would rise. Bangkok Insurance, in which the Leophairatana family is the major shareholder, told the stock exchange yesterday that the tenure of five of its directors had expired and four of them were reappointed. Prachai was the exception. The board reappointed Malinee Leopairat, Chakdej Suthirak, Kitcha Leelavanichkul and Pichit Sinpatanasakul. At the same time, it appointed three new directors - Tanyaratt Iamsopapa, Sujintana Champeesri and Polrasit Promjad. Prachai is still a member of the board of directors of Thai Petrochemical Industry Plc (TPI) and TPIPL. However, both firms are undergoing business rehabilitation under the authority of the Central Bankruptcy Court and any change in the company's directors would be subject to the court's approval. - The Nation
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