TPI announces dismissal of Prachai
The board of Thai Petrochemical Industry Plc (TPI) yesterday dismissed Prachai Leophairatana as a director and relieved him of his responsibility as a guarantor for loans to TPI.
TPI's chief executive said the board's decision was in line with Stock Exchange of Thailand regulations.
Wang Kanai ordered to pay up
The Wang Kanai Group must pay for sugar cane delivered by farmers within 15 days. If not, the Cane and Sugar Board will fine the group, says board chairman Dumri Sukhothanang.
Wang Kanai has been delaying payments to sugar-cane farmers, because the group has faced liquidity problems for few weeks.
The group is now negotiating with its creditors, including Bangkok Bank and Siam City Bank, for a loan with which to pay the sugar-cane farmers.
Dumri said if the company could not pay the farmers within 15 days, the board would fine the group in accordance with the Cane and Sugar Law, which mandates criminal and civil penalties.