ID :
86824
Fri, 10/30/2009 - 11:30
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http://m.oananews.org//node/86824
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Fugitive financier Saxena loses extradition appeal; en route to Thailand
BANGKOK, Oct 30 (TNA) - Rakesh Saxena, 57, former adviser to an executive of failed Bangkok Bank of Commerce (BBC) who was involved in an embezzlement case which helped bring down the bank in 1995, lost his appeal in Canada’s Supreme Court and was extradited to face charges in Thailand.
The Supreme Court of Canada has dismissed the petition filed by fugitive Indian-born ex-financier Rakesh Saxena in which he tried to overturn a lower-court decision upholding the extradition, and he was en route to Thailand, ending his 13-year fight against extradition.
It was one of the longest-contested extradition cases in Canadian history.
His lawyer said his client had accepted the decision of Canadian Court and was ready to fight the charges in Thailand. He added that Mr Saxena was flying from Vancouver to Beijing and then to Thailand, expected to arrive in Bangkok Friday night at around 10pm.
In 1995, Mr Rakesh, then treasury adviser of the BBC allegedly colluded with Krirkkiat Jalichandra, then president of the BBC, and was involved in setting up dummy loans and fabricated accounts to siphon millions from the bank, causing its collapse under US$3 billion in debts, along with 50 other financial institutions, leading to the 1997 financial crisis.
Mr Krirkkiat was arrested, tried and sentenced to 30 years in prison plus a fine of Bt330 million.
Mr Rakesh fled to Canada after the Thai government seized the BBC to stop a run on deposits triggered by a Bank of Thailand report that about US$88 billion of the bank's loans were phony.
Many of the loans were reportedly extended to top executives, their families and friends and politicians.
He was arrested by the Canadian authorities in July 1996.
Upon his arrival in Thailand, Mr Saxena will be taken to Crime Suppression Division headquarters and kept in a cell there.
Thailand asked for his extradition on charges of embezzlement and violation of the Securities and Exchange Act.
The embezzlement charge has 10-year statute of limitations clause which has already expired, but the related case of violating the Securities and Exchange Act is still valid with a 15-year statute of limitations.
The charges related to the Securities and Exchange Act would be expired in July 2010 and Mr Saxena's lawyer said that if nothing happens by then, his client would be free of the charges. (TNA)
The Supreme Court of Canada has dismissed the petition filed by fugitive Indian-born ex-financier Rakesh Saxena in which he tried to overturn a lower-court decision upholding the extradition, and he was en route to Thailand, ending his 13-year fight against extradition.
It was one of the longest-contested extradition cases in Canadian history.
His lawyer said his client had accepted the decision of Canadian Court and was ready to fight the charges in Thailand. He added that Mr Saxena was flying from Vancouver to Beijing and then to Thailand, expected to arrive in Bangkok Friday night at around 10pm.
In 1995, Mr Rakesh, then treasury adviser of the BBC allegedly colluded with Krirkkiat Jalichandra, then president of the BBC, and was involved in setting up dummy loans and fabricated accounts to siphon millions from the bank, causing its collapse under US$3 billion in debts, along with 50 other financial institutions, leading to the 1997 financial crisis.
Mr Krirkkiat was arrested, tried and sentenced to 30 years in prison plus a fine of Bt330 million.
Mr Rakesh fled to Canada after the Thai government seized the BBC to stop a run on deposits triggered by a Bank of Thailand report that about US$88 billion of the bank's loans were phony.
Many of the loans were reportedly extended to top executives, their families and friends and politicians.
He was arrested by the Canadian authorities in July 1996.
Upon his arrival in Thailand, Mr Saxena will be taken to Crime Suppression Division headquarters and kept in a cell there.
Thailand asked for his extradition on charges of embezzlement and violation of the Securities and Exchange Act.
The embezzlement charge has 10-year statute of limitations clause which has already expired, but the related case of violating the Securities and Exchange Act is still valid with a 15-year statute of limitations.
The charges related to the Securities and Exchange Act would be expired in July 2010 and Mr Saxena's lawyer said that if nothing happens by then, his client would be free of the charges. (TNA)
