by refusing to vote him back on to the board of directors.

At a shareholders meeting on Friday, five of ACL Bank's directors sought reappointment at the end of their term in office.

They were Joti, Dr Charnchai Musignisarkorn, Pannee Satha-

varodom, Kritsda Udyanin and Charnchai Charuvastr.

When the votes came in, Joti, the bank's executive chairman and chief executive, did not have the numbers. Neither did Charnchai Charuvastr.

Dr Charnchai Musignisarkorn, Pannee and Kritsda were all voted back to the board, while Prasit Damrongchai and Ajarie Viessiri were voted on to the board to replace Joti and Charnchai Charuvastr.

Prasit is a director of Dhipaya Insurance Plc and chairman of Wyncoast Industrial Park Plc, while Ajarie is vice chairman of P&P Telecom Co Ltd and a director of Yong Thai Plc.

Financial sources said the removal of Joti from ACL Bank's board was not unexpected.

A document was distributed at the shareholders meeting spelling out clearly that neither Joti nor Charnchai Charuvastr would be returned to the board.

ACL Bank is a new bank on the block, specialising in corporate lending.

It upgraded its status from a finance company to a full bank last December.

Its headquarters are at the Emporium Tower on Sukhumvit Road and it has two branches in Hat Yai and Khon Kaen.

The major shareholders of

ACL Bank are the Finance Ministry, which holds 30 per cent, and Bangkok Bank with 19 per cent.

Industry sources said the Finance Ministry has taken a keen interest in ACL Bank, as shown by four of its representatives helping to run the corporate bank.

They are Dr Charnchai Musignisarkorn, vice chairman and chairman of the executive committee; Pannee, director and member of the corporate

governance committee; Kritsda, director; and Wim Thaya-phachara, director and member of the executive committee.

The sources said it is uncertain what is likely to happen at

ACL Bank now that Joti, the bank's chief executive officer, no longer has the confidence of the Finance Ministry and other shareholders.