Such tycoons included Sawasdi Horrungruang, the founder of Hemaraj Land and Development and Nakornthai Strip Mill (NSM). In Thailand, he is one of a few steel industry chiefs, along with Somsak Leeswadtrakul of G Steel and the Viriyaprapaikits of Sahaviriya Steel.

After 1997, Sawasdi, like many, sunk with a mountain of debt. But despite the change of fortune, Sawasdi remains outspoken, daring to comment on anything.

Before his steel business succumbed to a take-over attempt by G Steel, he admitted being lot poorer than before the crisis - and that he had never known how to queue up for service in a bank.

His wealth sharply diluted, he also pondered life without a job. Then, he said: "If anyone would keep hiring me for Bt200,000 or Bt250,000 a month, I would be more than delighted."

Probably the day is coming. Now, Sawasdi is chairman of NSM, but no longer a major shareholder in the company.

Hopefully, despite the emergence of the new major shareholder, NSM will still value Sawasdi's years of experience.

IATA doubtful

One of the most popular topics on the street right now is the debate over whether Suvarnabhumi International Airport will open on September 28, as scheduled. But it seems that, after the numerous delays, nobody has any hope the new deadline will be met.

And one body in no hurry to meet the PM's deadline is the International Air Transport Association, which represents some 250 airlines.

From his Singapore office, IATA spokesman Albert Tjoeng said the airport should only open when it was fully ready.

"It is important for the Suvarnabhumi Airport to open for commercial use only when it is operationally ready.

"No one wants the cost or embarrassment of a troubled opening," Tjoeng said.

Now that the big day is just three months away, it appears very unlikely to be ready.

The passenger terminal may be complete, but what about the technology? And testing of systems and equipment? Will the staff be ready to operate the complicated equipment? It looks highly doubtful.

achara_d@nationgroup.com