webfact Posted September 12, 2022 Share Posted September 12, 2022 TNR Staff THE Supreme Court yesterday (Sept. 12) upheld a sentence of a 335 years imprisonment and 33.5 million baht fine plus refund of 2.5 billion baht against Indian financier Rakesh Saxena for massive embezzlement that led to the collapse of Bangkok Bank of Commerce (BBC) in the mid-1990s, TV Channel 7 and Matichon newspaper said. However the imprisonment was set at 20 years in keeping with Section 91 (2) of the Penal Code plus 33.5 million baht fine. This scandal triggered a run on BBC’s deposits that finally led to its collapse with this contributing to the devaluation of the baht and helped spark the Asian financial crisis. Full story: https://thainewsroom.com/2022/09/12/indian-financier-rakesh-saxenas-335-years-imprisonment-upheld/ -- © Copyright THAI NEWSROOM 2022-09-13 - Cigna offers a range of visa-compliant plans that meet the minimum requirement of medical treatment, including COVID-19, up to THB 3m. For more information on all expat health insurance plans click here. Monthly car subscription with first-class insurance, 24x7 assistance and more in one price - click here to find out more! Link to comment Share on other sites More sharing options...
steven100 Posted September 12, 2022 Share Posted September 12, 2022 I doubt he'll see his full term out .... 2 Link to comment Share on other sites More sharing options...
ezzra Posted September 13, 2022 Share Posted September 13, 2022 Remind me the last episode on Better call Saul when he plead bargain his sentence from life plus 190 years to seven years and than in a rare moment of self conscious and attornment he 'confessed' to more crimes and uppd his sentence to 87 years... 2 Link to comment Share on other sites More sharing options...
Popular Post ikke1959 Posted September 13, 2022 Popular Post Share Posted September 13, 2022 what is the motivation to punish for 335 years????who will live so long? Why him and not the Red Bull heir? 5 Link to comment Share on other sites More sharing options...
roo860 Posted September 13, 2022 Share Posted September 13, 2022 10 minutes ago, ikke1959 said: what is the motivation to punish for 335 years????who will live so long? Why him and not the Red Bull heir? What's the Red Bull heir got to do with it? He's not in Thailand. 1 Link to comment Share on other sites More sharing options...
Popular Post Sydebolle Posted September 13, 2022 Popular Post Share Posted September 13, 2022 Thailand managed with tremendous efforts to book Rakesh for a oneway trip from Canada to the Holy Land - well done and they certainly rid the planet from a serious crook. Could the same experts now focus on other sweethearts which ran from various little mishaps and have been jumping bail. They made the Thai law implementation the laughing stock of the world. While pocket lining has been a favourite pastime activity, Thailand would gain a lot in reputation but I am aware, that these still free roaming, bail jumping crooks, thieves and murderers are, unlike Rakesh, Thai citizen? Wishful thinking ..... I know! 2 1 Link to comment Share on other sites More sharing options...
Popular Post Thingamabob Posted September 13, 2022 Popular Post Share Posted September 13, 2022 He is not Thai so he gets the full treatment. There are many locals who were in it up to their necks at that time but were never even questioned, let alone charged. 2 2 2 Link to comment Share on other sites More sharing options...
ikke1959 Posted September 13, 2022 Share Posted September 13, 2022 1 hour ago, roo860 said: What's the Red Bull heir got to do with it? He's not in Thailand. 1996 vs 2012 Link to comment Share on other sites More sharing options...
userabcd Posted September 13, 2022 Share Posted September 13, 2022 Obviously, the laws, the judicial and prosecutorial process is a farce when so called learned wise people in the judicial system can ask for and grant sentences at least 2 times the lifespan of any human living on earth. 1 Link to comment Share on other sites More sharing options...
Popular Post Dogmatix Posted September 13, 2022 Popular Post Share Posted September 13, 2022 4 hours ago, ikke1959 said: what is the motivation to punish for 335 years????who will live so long? Why him and not the Red Bull heir? That is the gross sentence adding up the penalties for all the offences he was convicted of. The net sentence he actually has to serve is 20 years. He is a foreigner, not the patriach of an influential Thai Chinese clan and owner of a huge business empire like Boss' father. 1 2 Link to comment Share on other sites More sharing options...
chalawaan Posted September 13, 2022 Share Posted September 13, 2022 If you aren't in the club, you do the time, krub! 1 Link to comment Share on other sites More sharing options...
Dogmatix Posted September 13, 2022 Share Posted September 13, 2022 3 hours ago, Thingamabob said: He is not Thai so he gets the full treatment. There are many locals who were in it up to their necks at that time but were never even questioned, let alone charged. Many people went unpunished but the Thai CEO, Krirkiat, and at least two other Thais also went to prison. There was a strong suspicion that people in the Bank of Thailand were in on it or at least knew about it. It must have stuck out like a sore thumb at the reviews by the BoT's supervision deparment that something was wrong. Just looking at the financial statements anyone could see there was something very weird. ROE, ROA, assets per branch and assets per employee were obviously artificially high, as was also the case at other banks that collapsed like First Bangkok Bank and Nakornthon Bank. You didn't need a lot of branches or staff to lend to fake companies or family businesses with no assets or buy up defaulted Turkish car loans or Russian credit card debt. These ratios were red flag and any digging below the surface after seeing that would have revealed loans to borrowers that didn't meet BoT rules as well as overseas lending by banks that didn't have overseas branches or trade finance business. I was a banking analyst in the 1990s and it was very obvious at a glance that there was something badly wrong with most, if not all, of Thailand's small banks. So I just didn't touch them but the BoT must have seen this too. Krirkiat was a protege of the governor of the BoT who refused to see anything wrong at BBC. 1 1 Link to comment Share on other sites More sharing options...
Liverpool Lou Posted September 13, 2022 Share Posted September 13, 2022 8 hours ago, steven100 said: I doubt he'll see his full term out .... He's probably only got about 10 years to go, less remission. 1 Link to comment Share on other sites More sharing options...
Liverpool Lou Posted September 13, 2022 Share Posted September 13, 2022 4 hours ago, ikke1959 said: what is the motivation to punish for 335 years????who will live so long? 67 offences was the motivation, 5 years for each charge isn't bad. As the article stated, he serves 20 years maximum. Link to comment Share on other sites More sharing options...
Liverpool Lou Posted September 13, 2022 Share Posted September 13, 2022 4 hours ago, ikke1959 said: Why him and not the Red Bull heir? Vorayuth hasn't been found guilty of anything yet, that's why. You don't think that triggering a run on BBC’s deposits that finally led to its collapse with this contributing to the devaluation of the baht and helping spark the Asian financial crisis deserves a few years? Link to comment Share on other sites More sharing options...
Sparktrader Posted September 13, 2022 Share Posted September 13, 2022 4 hours ago, ikke1959 said: what is the motivation to punish for 335 years????who will live so long? Why him and not the Red Bull heir? Reincarnation. Just have to pick the right baby. Link to comment Share on other sites More sharing options...
Liverpool Lou Posted September 13, 2022 Share Posted September 13, 2022 3 hours ago, Thingamabob said: He is not Thai so he gets the full treatment. There are many locals who were in it up to their necks at that time but were never even questioned, let alone charged. He was not the only one who was questioned, not the only one who was charged and not the only one who was jailed...and those accomplices were Thais. Link to comment Share on other sites More sharing options...
Liverpool Lou Posted September 13, 2022 Share Posted September 13, 2022 3 hours ago, userabcd said: Obviously, the laws, the judicial and prosecutorial process is a farce when so called learned wise people in the judicial system can ask for and grant sentences at least 2 times the lifespan of any human living on earth. I suppose they take into account the 67 offences that he was charged with, just as is done in every other country. He serves 20 years. Link to comment Share on other sites More sharing options...
Liverpool Lou Posted September 13, 2022 Share Posted September 13, 2022 1 hour ago, Dogmatix said: He is a foreigner, not the patriach of an influential Thai Chinese clan and owner of a huge business empire like Boss' father. Vorayuth's father is not the patriarch of that huge business empire, his uncle is. Link to comment Share on other sites More sharing options...
Liverpool Lou Posted September 13, 2022 Share Posted September 13, 2022 1 hour ago, chalawaan said: If you aren't in the club, you do the time, krub! He was, very much, in the club in the 90s as was the Thai president of the BBC who was also charged, he had to do the time until he died also. 1 Link to comment Share on other sites More sharing options...
d4dang Posted September 13, 2022 Share Posted September 13, 2022 tip of the iceberg.....is there a good documentary or book revealing the truth of this fiasco? Link to comment Share on other sites More sharing options...
kwonitoy Posted September 13, 2022 Share Posted September 13, 2022 Hard to feel sorry for him, he spent 13 years in Canada living mostly in Whistler B.C. before be deported back to Thailand No hardship in living in Whistler In October 2009, he was deported to Thailand after fighting the longest extradition battle in Canadian history, which lasted 13 years Link to comment Share on other sites More sharing options...
jaywalker Posted September 13, 2022 Share Posted September 13, 2022 20 hours ago, ezzra said: Remind me the last episode on Better call Saul when he plead bargain his sentence from life plus 190 years to seven years and than in a rare moment of self conscious and attornment he 'confessed' to more crimes and uppd his sentence to 87 years... Gotta love Saul. What a great actor. Link to comment Share on other sites More sharing options...
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