ID :
103173
Thu, 01/28/2010 - 18:49
Auther :
Shortlink :
http://m.oananews.org//node/103173
The shortlink copeid
Prosecutor files suit against ex-financier in fraud case
BANGKOK, Jan 28 (TNA) – Thailand’s Office of the Attorney-General (OAG) on Thursday filed suit in the Criminal Court against Rakesh Saxena, former adviser to the collapsed Bangkok Bank of Commerce (BBC) for conspiring with other accomplices to approve an improper Bt140 million loan to a private company.
Mr Saxena, appearing in court in a wheelchair, denied all charges, but the court accepted the lawsuit. A hearing for defendant and witness testimony is set for May 31.
Indian-born Mr Saxena was charged with violating the Securities and Exchange Act after allegedly colluding with former BBC president Krirkkiat Jalichandra to approve improper loans to a company named Star Luck Footware.
The fugitive ex-financier was extradited from Canada, where he sought to avoid prosecution, and returned to Bangkok in October, He is now facing charges for his alleged embezzlement.
In 1995, Mr Saxena, then treasury adviser to the BBC, allegedly colluded with Krirkkiat Jalichandra, the then bank president, and was involved in setting up dummy loans and fabricating accounts to siphon millions from the bank, causing its collapse under US$3 billion in debts, along with nearly 60 other financial institutions, leading to the 1997 financial crisis.
OAG Economic Litigation Office director-general Seksan Bangsombun told reporters that this was the second case and there are more nine cases related to the BBC scandal which are under the consideration of the OAG before bringing the cases to court.
The Court of Appeals on Tuesday upheld the Criminal Court verdict on former Bangkok Bank of Commerce (BBC) president Krirkkiat Jalichandra to 10 years imprisonment and fines amounting to more than Bt2.2 billion in the embezzlement case involving the collapsed BBC. (TNA)
Mr Saxena, appearing in court in a wheelchair, denied all charges, but the court accepted the lawsuit. A hearing for defendant and witness testimony is set for May 31.
Indian-born Mr Saxena was charged with violating the Securities and Exchange Act after allegedly colluding with former BBC president Krirkkiat Jalichandra to approve improper loans to a company named Star Luck Footware.
The fugitive ex-financier was extradited from Canada, where he sought to avoid prosecution, and returned to Bangkok in October, He is now facing charges for his alleged embezzlement.
In 1995, Mr Saxena, then treasury adviser to the BBC, allegedly colluded with Krirkkiat Jalichandra, the then bank president, and was involved in setting up dummy loans and fabricating accounts to siphon millions from the bank, causing its collapse under US$3 billion in debts, along with nearly 60 other financial institutions, leading to the 1997 financial crisis.
OAG Economic Litigation Office director-general Seksan Bangsombun told reporters that this was the second case and there are more nine cases related to the BBC scandal which are under the consideration of the OAG before bringing the cases to court.
The Court of Appeals on Tuesday upheld the Criminal Court verdict on former Bangkok Bank of Commerce (BBC) president Krirkkiat Jalichandra to 10 years imprisonment and fines amounting to more than Bt2.2 billion in the embezzlement case involving the collapsed BBC. (TNA)
