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Published on December 9, 2007

The reversal of his financial fortunes began with the devaluation of the baht, which preceded the country's economic mayhem. Since then, what's happened to him has been worse.

Now he stands to face possible jail sentences from two legal cases - the first one after being convicted in Criminal Court of stock manipulation, and the second a one-month jail term for contempt of court.

Most of his troubles were mainly due to his bold and, at times hot-headed, public statements, which have alienated his friends and fomented a wide range of highly influential enemies. Chief among them is Thaksin Shinawatra, the former premier now living in self-imposed exile in London.

Prachai does not yet know what to do to shake loose from this web of legal entanglements. The high risk he stands of going to jail is the biggest threat to his future, whether in business or politics, though the latter career may help extend his freedom if he wins a House seat in the upcoming election.

His political struggle looks, to most people, like a no-win situation. Whatever he intends to do now, it is too late for him to back down from his battles, political and otherwise. He does not want to look like a pathetic loser either.

Prachai's fate seems sealed. He needs more than a miracle to save him from a jail term.

As of the middle of this past week, there was just one sentence.

By Friday, he got another one due to the careless comments he made in the midst of an emotional outburst.

He must have asked himself what he had done to deserve this endless suffering. Was it his own doing, or had fate caught up with him after so many successful business deals made him look arrogant and unyielding to friends and foes alike?

The eventual loss of his multimillion baht petrochemical complex followed a series of bitter and costly legal battles pitting him against political influence and pressure. If he were not a headstrong businessman with considerable financial strength, he would have given up the fight.

But he could not take it sitting down. The petrochemical venture was his heart and soul, an extension of his rice-trading business since 1981, with a sizeable loan from KfW Bankengruppe of Germany. To concede easily would have robbed him of the legend of being a do-or-die kind of fighter.

By now, even if he decided to get down on all fours and plead for mercy from anyone who might give him a break, it would be next to impossible. Prachai's real problem might be that he simply does not know what fights to avoid.

Prachai's gruelling legal fight to retain a controlling interest in his petrochemical venture was hopeless right from the beginning. He was almost alone in a totally hostile environment. He spent a long time in court, seeking all possible channels just to win.

When it all ended with his defeat, Prachai shifted his battle to the political arena, hoping that being in politics would not only save him from further grievances and abusive schemes from his opponents, but that he might also be able to regain some lost ground.

It was the beginning of a series of political decision-making blunders. His only strength was his huge war chest, which did not compensate for his lack of experience in gutter politics.

He set up the Pracharaj Party, spent a lot of money, and ended up with nothing but a scoff from his co-founder Snoh Thienthong, who regarded him as a fumbling adolescent.

Prachai might have impressive scores in business deals. In Snoh's view he is still wet behind his ears - a greenhorn in politics. That was confirmed when he became the leader of the Matchima Thipataya Party, with a lot of hopefuls flocking to join him due to the strong smell of easy money.

He knew he was just like a mobile ATM to those political chameleons who make extortionists look like holy men. Yet he needs their support. Prachai became the No-1 party-list candidate. To most political pundits, he is a sure-fire loser.

Whether he was convinced that this was the case or not, Prachai remained stubborn and ploughed on. If he sensed a certain defeat, he did not show any sign of flagging - not until the first jail sentence of three years without probation was handed down.

He wanted to give in, with resignation from all posts in the party, blaming the forces against him. Those depending on his money for their election campaigns were shocked. They were all over him, feeding him sweet words and misplaced encouragement.

Prachai's heart was softened and he decided to continue the fight. That was another serious error in judgement. By refusing to quit when it was a good time to save his money, as well as himself, from further disgrace, he is destined to sink to an unfathomable abyss.

He should realise by now that, for the first time in his life, he can no longer chart his own destiny. It's somebody else who will decide whether he should remain a free man or be put in captivity.

Sopon Onkgara