Writing on the wall for Prachai

General News : Monday December 10, 2007

COMMENTARY

Writing on the wall for Prachai

Veera Prateepchaikul

Exactly four days after he was found guilty of share price manipulation and sentenced to three years' imprisonment and fined 6.9 billion baht by the Criminal Court, Matchimathipataya party leader Prachai Leophairatana was dealt yet another setback on Friday when the same court slapped him with a one-month jail term for contempt of court.

Thanks to the mercy of the court, the imprisonment was withheld and he was temporarily released. The embattled petrochemical tycoon tearfully called it quits, announcing his resignation from the party after the court's first devastating verdict. But a few days later, reportedly at the urging of his wife and supporters in the party, he swallowed his own words and vowed to stay on, claiming the country would suffer without someone of his calibre to salvage the ailing economy. Whether the latest verdict will cause him to again seek an exit from politics remains to be seen. But his political prospects and those of his party appear doomed.

Prachai's troubles with the law can be blamed on his unrestrained mouth. Leaving the courtroom a convicted man last week, he told reporters he was a victim of the old power clique and suggested the court might be under its influence.

Although he later denied he ever made such a suggestion, it was too late to save his skin. His legal troubles are not over. Former prime minister Thaksin Shinawatra is said to be mulling a defamation suit against him over the allegation that the old power clique was behind his misfortunes.

Pracharaj party leader Sanoh Thienthong described Prachai as a kindergarten politician when the tycoon walked away from Pracharaj in the company of Somsak Thepsuthin's Matchima faction. But perhaps Prachai just wasn't content with being the second in command when he was the main financial contributor.

Overconfident in the power of his money, Prachai thought he could rein in party members, particularly the Matchima group, and buy their loyalty the way Thaksin did with his war chest.

Deep down, he thought he could emulate Thaksin's political achievements with his cash and business acumen, as manifested by his success building the TPI empire until its collapse in 1997 during the Asian financial crisis. But the real recipe for political success calls for more than money and business acumen. It also requires luck, shrewdness and a willingness to dispense huge amounts of money without second thought.

As it turns out, Prachai was not as generous as Thaksin in dispensing money to election candidates, although he was initially said to be generous _ until he could no longer tolerate the seemingly endless handouts. Rumour has it candidates seeking money were required to sign loan contracts and the process was videotaped.

Prachai's alleged frugality led to the departure of Sophon Petsawang and resentment among Matchima faction members who accused him of being selective in dispensing campaign funds.

The rift led to Prachai dropping a bombshell, alleging he was being blackmailed by a faction member for 60 million baht in exchange for endorsing changing the party's name from Matchima to Matchimathipataya, automatically making Prachai the party leader. The issue was settled with Somsak's intervention, but problems within the party continue to crop up.

Prachai has announced that he has run out of money because of the 6.9-billion-baht court fine which, he said, has put a stranglehold on his finances and he can no longer support the campaigns of his candidates.

Apparently upset by the decision to shut down the money pipeline, the party secretary-general, Anongwan Thepsuthin, Somsak's wife, has moved her office out of the TPI building. This may signal the end of the relationship between the Matchima faction and Prachai, as well as with the People's Alliance for Democracy faction.

With the problems that beset Prachai and the Matchimathipataya party and with the likelihood of more to come, it is not an overstatement to say that the party is on the verge of disintegrating. As for Prachai, his political career seems to be finished.

Veera Prateepchaikul is Deputy Editor-in-Chief, Post Publishing Co Ltd.

By : Bangkok Post