4 June, 2005

citic and prachai

Memo to CITIC: partnering with Prachai Leophairatana is not a good idea (news via FT):

…in a dramatic development in one of Asia’s longest running debt workouts, Beijing-backed Citic Resources on Thursday announced that it was in talks to buy Thai Petrochemical Industry through a joint venture with Prachai Leophairatana, founder of the troubled petrochemicals group.
In a statement, Citic Resources said its subsidiary, Citic Petrochemical, on May 30 signed a non-binding memorandum of understanding with Mr Prachai and other TPI shareholders regarding the acquisition of about 75 per cent of TPI’s existing issued share capital.

Getting into a joint venture with Prachai is asking for trouble. He is one of Southeast Asia’s most  infamous  businessmen. He delayed the restructuring of Thailand’s most indebted company for almost a decade, bullying creditors, debt-plan administrators and employing questionable legal tactics.

I covered TPI for a couple of years, during which time I was privy to a lot of dirt that I couldn’t report. I won’t describe it here as much of it is single-sourced and not fully substantiated.

However, to get an idea of what I’m talking about, consider this: I’m suggesting that a partnership between a Chinese investment company and a Thai magnate is a bad idea because one of the parties is of questionable ethics and will try to push the partner out at the first available oppportunity. ( believe it or not, it’s not the Chinese side.)

by @ 2:57 am. Filed under China, Money, Northeast Asia, Southeast Asia, Thailand

30 May, 2005

mango sauce returns

As a family site, I won’t be linking to Mango Sauce often. The content is mostly related to bar-girl, prostitute and mail-order bride stories. But I’m glad the vacation is over.:

To convince a love-sick fool that his adorable Internet dream-girl is really a yo-yo knickered common prostitute, a big smoking gun needs to be rammed firmly up his arse and discharged several more times.

by @ 11:03 pm. Filed under Southeast Asia, Thailand

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