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Pattaya Daily News

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24 November 2009 :: 21:11:22 pm 1386

Saxena Pleads Innocent in Embezzelment Case

BANGKOK, Nov 24 (TNA) – Former Bangkok Bank of Commerce (BBC) adviser Rakesh Saxena plead innocent in his testimony to the court Tuesday morning in response to being accused of conspiring with accomplices to approve an improper Bt1.6 billion loan to City Trading Corp in 1995.
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Indian-born Saxena was charged with violating the Securities and Exchange Act after allegedly colluding with former BBC president Krirkkiat Jalichandra to approve improper loans to City Trading Corp, owned by Mr Saxena himself.

Thailand’s statute of limitations on charges under the law will run out in July 2010.

He controlled the City Trading Corp and was a treasury adviser of BBC at the same time. The duo are charged with committing the offence between February 10 and July 27, 1995.

Mr Saxena was also accused of being involved in setting up dummy loans and fabricating accounts to remove millions of baht from the bank, causing its collapse under US$3 billion in debts, along with 50 other financial institutions, leading to the 1997 financial crisis.

The fugitive Indian-born ex-financier was extradited from Canada and returned to Bangkok to face charges for his alleged embezzlement.

The court earlier handed down a 10-year-imprisonment and a fine of Bt2 billion to Mr Krirkkiat. The appeal court set the hearing date on the case on January 26. (TNA)

Reporter : Methawee   Photo : Internet   Category : Politics News

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