Snoh and other executives will officially launch the new party tomorrow at the TPI Building, where a press conference will be held to introduce the party's executive team and policy platform.

Prachai applied to Snoh personally to join the party, according to Boonthueng Pholpanit, a close aide to the party leader.

Snoh, credited with helping the leaders of three parties rise to the premiership, left the ruling Thai Rak Thai Party earlier this year to form his own political camp.

"Pracharaj is a fresh political party. We formed it during a critical period, and we will field candidates in the next election," he said.

Prachai said he would oversee economic issues if the party became part of the next government. He said the party had already formed its economic team.

He said the party would strive to boost the income of poorer Thais and investigate the wealth of politicians seen to be corrupt.

Prachai is a key financial supporter of the anti-government People's Alliance for Democracy.

The businessman built up a fortune after establishing a small company, LDPE, in 1978 to produce synthetic plastic pellets with initial paid-up capital of Bt300 million.

Later, the firm expanded into the cement business. In 1995, TPI was listed on the Stock Exchange of Thailand. That year, the firm had grown to the point where the Leophairatana clan was listed by Forbes Magazine as one of the wealthiest in Thailand.

In 1997, TPI became the first fully integrated petrochemical producer in Thailand and Southeast Asia. Later in the year, it was caught up in the financial crisis, its US$3.5-billion debt doubling in value in baht terms following the devaluation of the Thai currency.

TPI went bankrupt in 1998, but Prachai fought desperately against creditors' attempts to control the company. He slammed the Chavalit government, which presided over the devaluation of the baht, saying it left many companies with huge debts while certain families were able to gain from it due to alleged prior knowledge of the devaluation.

 Prachai has become notorious as the country's most recalcitrant debtor. He has tried every tactic imaginable to keep his firm out of his creditors' hands, resorting to every possible legal channel to protect his interests.

Ten years after TPI went bankrupt, Prachai appears to have lost that fight. He was recently ousted as a director of the  company.