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Pattaya Daily News

01 November 2009 :: 09:11:19 am 31492

Court Allows Police to Detain Rakesh Saxena 12 Days as Requested

BANGKOK, Oct 31 (TNA) -- The court Saturday allowed Thailand's police to further detain fugitive Indian-born ex-financier Rakesh Saxena for 12 days for further questioning regarding his alleged embezzlement which led to the closure of Bangkok Bank of Commerce (BBC) in 1995, two years before the Asian financial crisis hit Thailand and spread to many other countries in the world.
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Guarded under heavy security by more than 30 police commandos, Mr Saxena was escorted from the Crime Suppression Division where he was detained since arriving in Bangkok late Friday following his extradition from Canada, to the Bangkok Southern Criminal Court as police sought court approval for his first remand.

The Court later remanded him in custody for 12 days while bail was rejected as there are more than 10 pending cases against him.

Mr Saxena was allowed to be sent for treatment at the jail hospital as requested by his lawyer.


Spokesman Pol Lt-Gen Pongsapat Pongcharoen told journalists that police would question seven witnesses who had travelled to Canada and brought Mr Saxena to Thailand and said that he believed police could conclude their charges and forward them to the prosecutor on Monday.

Prime Minister Abhisit Vejjajiva said Friday that legal action would be taken against politicians allegedly implicated in the embezzlement case.

In 1995, Mr Saxena, then treasury adviser of the BBC, allegedly colluded with Krirkkiat Jalichandra, 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 financial institutions, leading directly to the 1997 financial crisis.

Mr Krirkkiat was arrested, tried and sentenced to 30 years in prison plus a fine of Bt330 million. (TNA)








Reporter : PDN staff   Photo : Internet   Category : Thailand News

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