Court orders ex-central bank governor to pay 186 BILLION baht

Published on May 31 , 2005

The Bangkok Civil Court on Tuesday ordered former Bank of Thailand (BOT) governor, Rerngchai Marakanond to reimburse the central bank Bt186 billion (hmmm.. anyone got change for two 100 billion baht notes?) he used to to defend the baht currency, within a month, or face seizure of his personal assets. (Including a really cool MP3 player that Thaksin's son wants).

The judge said the defendant commited serious negligence by using the country's foreign reserves until it fell to deficit level, said a judge, reading out the verdict.

The court said Rerngchai did not respond to calls from the public and colleagues to loosen the baht's exchange rate trading band against the dollar.

Rengchai's lawyer would appeal the court's decision, as one man should not be blame for the financial crisis of 1997-98.

(hey, why not? if it takes the heat off of all the others responsible, once and for all)

The case was brought against Rerngchai by the government of Prime Minister Thaksin Shinawatra.

(geez guy, what did you do to piss off the Big Guy so much? It almost sounds like it's personal.)

To paraphrase an American politician, "Gosh, ten or twenty billion here, ten or twenty billion more over there - before you know it, you're talking about a lot of money."

As if this guy is not the first central banker or PRIME MINISTER who ever tried to prop up a failing currency.

Kaeng Jai Maimeesatang wins the Black Sheep of the day award...

Tot sick should recognize an honest mistake..

Thaksin was also a senior member of the government that oversaw the whole bust.....now he's PM.

The case was brought against Rerngchai by the government of Prime Minister Thaksin Shinawatra.

(geez guy, what did you do to piss off the Big Guy so much? It almost sounds like it's personal.)

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Silly me I thought it was the government of the Kingdom of Thailand,elected by the people of Thailand.Wrong again ?

Any body remember John Major,this pales by comparison

Edited May 31, 200521 yr by roscoe

Seems a bit odd coming from a man who made a mint during the whole crisis!

Still, anything to make the PM look good eh?

Thaksin was also a senior member of the government that oversaw the whole bust.....now he's PM.

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A deputy PM at that (during the crisis).... I was actually rather surprised to see this prosecution as by the littany of previous attacks seemed to blame George Soros as the sole culprit for the crisis. I guess when they discovered that they couldn't successfully take him to court, then the BOT became the target de jour.

Seems a bit odd coming from a man who made a mint during the whole crisis!

Still, anything to make the PM look good eh?

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He's looking for Khun Rerngchai to finance all the new mega-projects... and short of that, at least his son can end up with a really cool MP3 player.