Prachai linked to scam
Thai Petrochemical Industry Plc founder Prachai Leophairatana and associates received improper income from office-rental contracts signed from 1995-99, the Department of Special Investigation (DSI) has concluded.
DSI director-general Sombat Amornwiwat said yesterday the DSI had enough evidence to press for legal action against Prachai and his associates, who are charged with violating Article 311 of the Securities and Exchange Act to make illegal profits from deals that damaged the listed company."The investigation results will be forwarded to the Attorney-General's Office," he told reporters. The DSI said that during the period in question, Prachai and two siblings - former TPI directors Pramual and Prateep Leophairatana- signed contracts to rent TPI Tower for a period of 90 years. TPI was facing financial problems at the time. The building belongs to the Leophairatana family's Pornchai Enterprise Co Ltd. Under the contracts, TPI paid almost Bt957 million in advance rent to Pornchai Enterprise. Two other members of the Leophairatana family - Prayad and Malinee - face charges for allegedly assisting illegal transactions.
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