EXOTIQ The Phuket News The Phuket News Poll The Phuket News Laguna Resort and Hotel
The Phuket News Login   |   Create Account   |   Manage Account   |   Logout
Google Plus - The Phuket News Twitter - The Phuket News Facebook - The Phuket News The Phuket News - YouTube The Phuket News
The Phuket News
The Phuket News
The Phuket News
The Phuket News
The Phuket News THURSDAY  |  May 23, 2013  |  Last update: 10:39 PM.
Phuket Radio Phuket TV The Phuket News
The Phuket News
The Phuket News PHUKET NEWS  The Phuket News
The Phuket News
The Phuket News Phuket News
The Phuket News Phuket | Thailand | Asia | World | Business | Features | Opinion | Weird World XML, RSS, Feed
The Phuket News The Phuket News
The Phuket News

1997 'crisis architect' Saxena gets 10 years

A saga spanning 17 years came to an end on Friday (June 8) when a Thai court sentenced former Indian financier Rakesh Saxena to 10 years in prison for his part in a fraud case that helped trigger the 1997 Asian crisis.


Agence France-Presse

Friday 15 June 2012, 03:00PM


Saxena was accused of embezzling B1.7 billion baht from the Bangkok Bank of Commerce (BBC) while working as an adviser in the mid-1990s.

In addition to the jail term, the Criminal Court in Bangkok ordered Saxena to pay a fine of B1 million and return more than B1.1 billion baht of misappropriated funds, a court official said.

If Saxena – who arrived at court in a wheelchair – cannot pay the fine, his prison sentence will be increased by up to two years, the official said.

The BBC collapsed in 1995 and Saxena fled to Vancouver. He lost a 13-year fight against extradition and was deported to Thailand in 2009.

The failure of the bank contributed to the turmoil that led to the devaluation of the Thai baht and subsequently the 1997 “Tom Yam Gung” financial crisis that affected most of East Asia.

The Phuket News
Comment on this story
comments powered by Disqus
The Phuket News The Phuket News The Phuket News
The Phuket News
Share this
The Phuket News
Related stories
The Phuket News
Phuket community
The Phuket News
The Phuket News Poll
Should smoking be completely banned at Phuket Airport?
Phuket Hotels
Destination
Check-in
Check-out
Rooms :
Child
Adult(s)
PHUKET NEWS
Phuket
Thailand
Asia
World
Business
Features
Opinion
Weird World
ARCHIVE
POLL
The Phuket News PHUKET SPORT
Phuket
Thailand
Asia
World
Competitions
Phuket FC
Tipping Comp
The Phuket News PHUKET LIFE
Phuket Arts
Phuket Dining
Phuket Education
Phuket Environment
Phuket Film
Phuket Health
Phuket Legal
Phuket Music
Phuket People
Phuket Tech
Phuket Travel
Photo Galleries
COLOURING BOOK
The Phuket News PHUKET CLASSIFIEDS
Phuket Buy and Sell
Phuket Jobs
Phuket Property
Phuket Cars and Boats
Phuket Community
Phuket Services
SEARCH CLASSIFIEDS
POST CLASSIFIED
The Phuket News PHUKET EVENTS
Phuket Event listings
Phuket Event calendar
Phuket Ticketmaster
POST EVENT
The Phuket News PHUKET DIRECTORY
Phuket Bars, pubs and clubs
Phuket Hotels and villas
Phuket Restaurants
Phuket Yellow Pages
POST LISTING
The Phuket News ABOUT US
Q&A
The Company
Distribution points
Subscribe
Advertise with us
Pay for advert
Contact us
F.A.Q.
CONTESTS
 
Copyright © 2013 Class Act Media. All rights reserved. | Website usage terms and conditions | Privacy and Confidentiality Statement.