Thailand pushes assets seizure against fugitive financier in Canada

Rakesh Saxena, financier

BANGKOK: -- Thailand's Deputy Prime Minister and Justice Minister Pol. Gen. Chidchai Vandasatiya has set up a new team to resume efforts to seize assets of a fugitive financier accused of a fraud which contributed to bankrupting a local Thai commercial bank a decade ago, setting the stage for Asia's financial crisis in the late 1990s.

Pol. Gen. Chidchai said Thailand must seize as many assets as it could from the fugitive, former Bangkok Bank of Commerce (BBC) advisor Rakesh Saxena, who is appealing against a Canadian lower court's verdict to extradite him to face fraud charges in Thailand.

Pol. Gen. Chidchai spoke to reporters after meeting with anti-money laundering officials about the country's major embezzlement case, which bankrupted the now defunct BBC.

Along with the bank's former president and six other staff, Mr. Rakesh was accused of siphoning BBC funds worth US$88 million, which led to a run on the bank's deposits and caused its collapse in 1996.

Thai money-laundering officials have seized Rakesh's overseas assets in the United Kingdom and Switzerland worth over Bt2 billion (about US$53.3 million).

The deputy premier said the next target would retrieving Rakesh's assets in Canada, where he has been in police custody while awaiting an answer to his appeal against his extradition order.

Earlier this year, Thailand's Criminal Court sentenced former BBC president Krikkiat Jalichandra to 30 years in jail and ordered him to pay a Bt3.21 billion fine (about US$ 85.5 million).

Mr. Krikkiat was released on Bt47 million bail (about US$ 1.25 million) and allowed to appeal the verdict.

--TNA 2006-08-30

Oh, this guy is not short of cash and assets is he?

And to think I had almost forgotten about him--I mean with bomb plots and all--this story has really taken the backseat.

I met Rakesh in 1995. He plied me with Margaux claret while explaining his plans to securitize the bank's bad debts. (duh?). Six months later he was a fugitive.

He was wearing a black shirt just like the one in the photo.

He's wily enough to shift his assets out before they get them.

"Thailand To Seize Assets Of Rakesh Saxen" ...?

Earlier this year, Thailand's Criminal Court sentenced former BBC president Krikkiat Jalichandra to 30 years in jail and ordered him to pay a Bt3.21 billion fine (about US$ 85.5 million).

Mr. Krikkiat was released on Bt47 million bail (about US$ 1.25 million) and allowed to appeal the verdict.

UPDATE

Krirkkiat gets another 20 years in fraud case

The Criminal Court yesterday handed another 20-year jail sentence to Krirkkiat Jalichandra, former president of the insolvent Bangkok Bank of Commerce (BBC), for embezzling the bank's money, increasing his potential jail term to 70 years. The court sentenced the 56-year-old former banker to another 20 years in jail, while sentencing his common-law wife Pornchan Chantarakhachorn, 51, to 13 years and four months in jail for conspiring in the embezzlement.

Both are also required to repay the BBC more than 200 million baht.

Continued here:

http://www.bangkokpost.com/News/02Nov2006_news04.php

Earlier this year, Thailand's Criminal Court sentenced former BBC president Krikkiat Jalichandra to 30 years in jail and ordered him to pay a Bt3.21 billion fine (about US$ 85.5 million).

Mr. Krikkiat was released on Bt47 million bail (about US$ 1.25 million) and allowed to appeal the verdict.

UPDATE

Krirkkiat gets another 20 years in fraud case

The Criminal Court yesterday handed another 20-year jail sentence to Krirkkiat Jalichandra, former president of the insolvent Bangkok Bank of Commerce (BBC), for embezzling the bank's money, increasing his potential jail term to 70 years. The court sentenced the 56-year-old former banker to another 20 years in jail, while sentencing his common-law wife Pornchan Chantarakhachorn, 51, to 13 years and four months in jail for conspiring in the embezzlement.

Both are also required to repay the BBC more than 200 million baht.

Continued here:

http://www.bangkokpost.com/News/02Nov2006_news04.php

UPDATE... with ANOTHER twenty years dished out to him

Another jail term for Krirkkiat Jalichandra

Krirkkiat Jalichandra, former president of defunct Bangkok Bank of Commerce (BBC), was sentenced to a 20-year imprisonment and also held responsible for the penalties of Bt1.16 billion as well as the compensations of Bt598 million to BBC.

The Criminal Court Thursday ruled that the compensations and the repayments are to be born by Krirkkiat and two accomplices who also receive the 20-year imprisonment each, for the charged embezzlement of Bt1.23 billion from the bank through a transaction between BBC and Development Finance & Investment.

Earlier, Krirkkiat was sentenced by the Criminal Court Ratchada and Southern Bangkok Criminal Court for the imprisonment of 70 years for 5 felonies. He has launched the appeal against the sentence.

- The Nation