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Pattaya Daily News

24 November 2009 :: 12:11:04 pm 8315

Saxena Brought Up On Embezzlement Charges After 13 Years In Hiding

Today at 9:00am Indian national Rakesh Saxena will face court 13 years after he allegedly embezzled nearly 2 billion baht from the Bangkok Bank of Commerce (BBC).
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Bangkok, the 24th of November 2009 [Pattaya Daily News]: Mr Rakesh Saxena is expected to appear at criminal court today in Bangkok at 9:00am, were it is expected he will be formally charged with embezzlement and violations against the Stock Exchange of Thailand.

Mr Saxena was a former advisor to BBC president Krirkkiat Jalichandra who were providers of a substantial loan to the City Trading Corporation in 1997. Mr Jalichandra has already been sentenced to 10 years in prison and given a 2.26 billion baht fine. Former bank vice president Mr Ekkachai Athikhomnantha was also sentenced to 8 years in prison along with 2 City Trading Corporation directors who were sentenced to 7 years prison each.

Following Mr Saxena’s extradition from Canada after over 13 years in hiding, he has been detailed at the Bangkok Remand Prison. The City Trading Corporation case is the first in a list of 20 embezzlement-related cases that are being brought against Mr Saxena. The City Trading Corporation was set-up as part of a loan scam that eventually led to the collapse of the Bangkok Bank of Commerce shortly before the 1997 financial crisis.

Reporter : Harry Roberts   Photo : Internet   Category : Crime News

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