'takeover King' Pin Chakkaphak Ends Exile, Back In Bangkok

[webfact]

'Takeover king' Pin ends exile, back in Bangkok

The Nation

Ex-chief of Fin One returns as statute of limitations on his case has expired

BANGKOK: -- Pin Chakkaphak, once dubbed Thailand's "takeover king", is reported to have quietly returned to Bangkok after living in exile for the past 15 years and seeing out the statutory limit on his case, according to two people familiar with his movements.

They confirmed that Pin had already made his way to Bangkok, but that not many people knew about his return.

"He came back a week ago because the 15-year statute of limitations on his case had expired," one of the sources said.

Asked whether he knew about Pin's return, Korn Chatikavanij, deputy leader of the Democrat Party, yesterday said he was unaware of the news.

He added that there were, however, no longer any legal charges pending against Pin.

Pin, former head of the Finance One Group, was made a fall guy in the bursting of the Thai financial bubble back in 1997. At the height of his business fortunes, the Finance One empire along with its finance and securities affiliations controlled somewhere between 25 and 30 per cent of all transactions in the Thai stock exchange.

This gave the group an enormous cutting edge against rival firms in terms of the breadth of its market share.

At least two finance ministers - Korn Chatikavanij and the incumbent, Kittiratt Na-Ranong - had a close affiliation or working relationship with Pin throughout most of the decade leading up to the baht's flotation in 1997.

Korn was then head of JF Thana-kom, which was affiliated with Finance One Group, while Kittiratt was managing director of One Management, a related mutual fund company.

In 1994, Finance One's stock hit Bt214, bringing the company's market capitalisation to around Bt88.5 billion. Pin and his family's stake in the leveraged investment company amounted to about 5 per cent, equivalent to Bt4.42 billion.

After the collapse of the stock market in early 1997, Finance One stock crashed and became almost worthless after the authorities' failure to merge it with Thai Danu Bank, which also failed.

Finance One's ambition to become Southeast Asia's largest group of finance companies had ended fatefully with the bursting of the Thai bubble.

Pin left Thailand during the ensuing panic and official intervention in the country's finance companies and banking sector, which eventually led to a bail-out by the government to the tune of Bt1.4 trillion.

In September 1998, the Bank of Thailand filed criminal charges against Pin and two other top executives of Finance One - Termchai Pinyawat and Samrarn Kanokwattanawan - in connection with a loan scandal dating back to 1992.

The whole financial-sector episode in fact produced three fall guys: Pin; Krirk-kiat Jalichandra, the former president of the defunct Bangkok Bank of Commerce; and Rakesh Saxena, former adviser of the same bank.

Krirk-kiat is now defending himself in the courts, having lost a series of cases filed against him by the Bank of Thailand.

Saxena, who left for Canada in 1996, eventually lost the extradition cases against him and is now held at Bangkok Remand Prison. He attends court to defend dozens of cases against him.

During his foreign sojourn, Pin, who was born in the United States and has a US passport, variously spent his time in London, the US and Hong Kong.

Knowing that Thai public prosecutors would be filing extradition charges against him, Pin chose to spend a key period in London, where he thought he had a high chance of successfully battling extradition proceedings because the UK justice system was more inclined to favour defendants.

Although he prevailed in the extradition case against him in 2001, Pin has had to wait until now - and the end of the 15-year statutory limit on his case - before he could return home.

Because of the expiry of the 15-year statute of limitation, Pin cannot be held liable for his role in the Fin-One case, according to a senior Bank of Thailand official.

A few other Fin-One executives' prosecution had also ended prior to the Court of Appeals process, because public prosecutors decided not to pursue the case, said Satorn Topothai, senior director of the BOT's Legal and Litigation Department. The statute of limitation ended in February.

The Criminal Court had sentenced those Fin-One executives, but the public prosecutors did not pursue their cases after they filed an appeal, and then decided to drop all of them.

A number of cases related to the Fin-One case are in the hearing process either at the lower court,

the Court of Appeals or the Supreme Court. Many of the cases have not even been heard because the persons in question could not be brought

in, said Sathorn, who did not identify anyone or give any details about the cases.

-- The Nation 2012-08-30

[Thai at Heart]

Is this the Democrat version of thaksin?

[FOODLOVER]

Hmm, seems they need the ol fleeing prosecution stops the statute of limitations time-clock law.

[p_brownstone]

Hmm, seems they need the ol fleeing prosecution stops the statute of limitations time-clock law.

It's a very strange situation here.

No charges can be filed unless the accused appears in Court to acknowledge them so all the accused has to do is stay out of reach of the Thai authorities until the Statute of Limitations expires and the (potential) Charges then lapse.

Thaksin has several outstanding Cases against him but since he is a fugitive he cannot / will not attend Court to acknowledge them but the Statute of Limitations is still running

Patrick

[FOODLOVER]

Hmm, seems they need the ol fleeing prosecution stops the statute of limitations time-clock law.

It's a very strange situation here.

No charges can be filed unless the accused appears in Court to acknowledge them so all the accused has to do is stay out of reach of the Thai authorities until the Statute of Limitations expires and the (potential) Charges then lapse.

Thaksin has several outstanding Cases against him but since he is a fugitive he cannot / will not attend Court to acknowledge them but the Statute of Limitations is still running

Patrick

Thank you for the info. So hypothetically one could rob a bank with millions and disappear until the statute if limitations has run out and then reappear with the loot?

[chainarong]

So what can this mean, another 11 years of "Chase the Thaksin", oh goody goody, time for another cuppa

[noitom]

Close associations, statute of limitations, a US citizen, hiding in London, on the go to Hong Kong and the US, all the intrigue of a Tom Clancy.

[Buchholz]

Is this the Democrat version of thaksin?

I don't think Pin spearheaded a massacre of 2,500 people.

I also didn't read anything about him being a Democrat.

.

[Thai at Heart]

Is this the Democrat version of thaksin?

I don't think Pin spearheaded a massacre of 2,500 people.

I also didn't read anything about him being a Democrat.

.

Well it doesn't say he didn't have a close association with Korn does it.

[meom]

Hmm, seems they need the ol fleeing prosecution stops the statute of limitations time-clock law.

It's a very strange situation here.

No charges can be filed unless the accused appears in Court to acknowledge them so all the accused has to do is stay out of reach of the Thai authorities until the Statute of Limitations expires and the (potential) Charges then lapse.

Thaksin has several outstanding Cases against him but since he is a fugitive he cannot / will not attend Court to acknowledge them but the Statute of Limitations is still running

Patrick

Thank you for the info. So hypothetically one could rob a bank with millions and disappear until the statute if limitations has run out and then reappear with the loot?

That would depend if there is a statute of limitations on bank robbery.

AFAIK some crimes do not have a statute of limitations.

[p_brownstone]

Is this the Democrat version of thaksin?

I don't think Pin spearheaded a massacre of 2,500 people.

I also didn't read anything about him being a Democrat.

.

Well it doesn't say he didn't have a close association with Korn does it.

That's not unusual - after all they were both Heads of major Financial Institutions in Thailand at the time.

Patrick

[Thai at Heart]

Is this the Democrat version of thaksin?

I don't think Pin spearheaded a massacre of 2,500 people.

I also didn't read anything about him being a Democrat.

.

Well it doesn't say he didn't have a close association with Korn does it.

That's not unusual - after all they were both Heads of major Financial Institutions in Thailand at the time.

Patrick

I know that. I read a lot about Fin One's collapse, it was an absolute hornets nest of a mess/corruption. Claiming that he was made a "fall guy for the failure of the baht" is a bit of a stretch. Money was free and easy in the run up to the baht collapse, and virtually everyone of any financial substance was borrowing like crazy.

Oh the stories this guy could tell.......

[hanuman2543]

AFAIK even for murder the statue of limitation is 20 years in Thailand.

[bigbamboo]

Hmm, seems they need the ol fleeing prosecution stops the statute of limitations time-clock law.

It's a very strange situation here.

No charges can be filed unless the accused appears in Court to acknowledge them so all the accused has to do is stay out of reach of the Thai authorities until the Statute of Limitations expires and the (potential) Charges then lapse.

Thaksin has several outstanding Cases against him but since he is a fugitive he cannot / will not attend Court to acknowledge them but the Statute of Limitations is still running

Patrick

Thank you for the info. So hypothetically one could rob a bank with millions and disappear until the statute if limitations has run out and then reappear with the loot?

No wonder Thailand is so attractive to criminal types.

[Buchholz]

Is this the Democrat version of thaksin?

I don't think Pin spearheaded a massacre of 2,500 people.

I also didn't read anything about him being a Democrat.

.

Well it doesn't say he didn't have a close association with Korn does it.

No more so than Pheu Thai Party's Kittiratt.

.

[geriatrickid]

No more so than Pheu Thai Party's Kittiratt.

.

You really scrambling on this one aren't you. Your hero ex finance minister Korn, the man who splurged billions on is mega projects without the required oversight, is cut from the same cloth. I have been consistent in my position on the current finance minister, but nary a word from you on Mr. Korn except to lavish praise. Fair people would be asking if JF Thana-kom profited from the scandal and if it was obliged to return profits, and if its senior executives gained big bonuses from their activities.

[Thai at Heart]

No more so than Pheu Thai Party's Kittiratt.

.

Well you can read this statement 2 ways

Korn Chatikavanij and the incumbent, Kittiratt Na-Ranong - had a close affiliation or working relationship

Korn was the one with the close affiliation, and Kittirat the one with the working relationship, or they both had close affiliations and working relationships.

[GentlemanJim]

No more so than Pheu Thai Party's Kittiratt.

.

You really scrambling on this one aren't you. Your hero ex finance minister Korn, the man who splurged billions on is mega projects without the required oversight, is cut from the same cloth. I have been consistent in my position on the current finance minister, but nary a word from you on Mr. Korn except to lavish praise. Fair people would be asking if JF Thana-kom profited from the scandal and if it was obliged to return profits, and if its senior executives gained big bonuses from their activities.

I believe they are ALL cut from the same cloth and a product of their early education. I want to know what words the rich kids sing when the poor kids are singing the National Anthem.

The only politician who I genuinely believe is cut from different cloth is Abhisit. With the right people around him he could do so much for Thailand, I am not interested in which party. Sadly it will be at least a generation before uncorrupt people make their way in to politics.

I can understand a statute of limitations if nobody had a clue who was responsible for a crime, but when they do and charges can be filed then the statute should not apply. But who does a statute protect? The wealthy who can afford to leave Thailand for 10-15 years! The wealthy, who create the laws and then abuse and break the same laws.

Its a good job Nazi war criminals never qualified for a statute of limitation.

It seems in Thailand Justice does have an expiry date. How unprogressive!

[Buchholz]

No more so than Pheu Thai Party's Kittiratt.

.

You really scrambling on this one aren't you. Your hero ex finance minister Korn, the man who splurged billions on is mega projects without the required oversight, is cut from the same cloth. I have been consistent in my position on the current finance minister, but nary a word from you on Mr. Korn except to lavish praise. Fair people would be asking if JF Thana-kom profited from the scandal and if it was obliged to return profits, and if its senior executives gained big bonuses from their activities.

You're really scrambling on this one aren't you?

All I made mention was that the article highlighted Pin being associated with both.... which somehow morphs into Korn being "my hero".

You then go on from there to non-existent "lavish praise", which doesn't exist.

Try and keep both feet on the ground when you post.

.

[Buchholz]

No more so than Pheu Thai Party's Kittiratt.

.

Well you can read this statement 2 ways

Korn Chatikavanij and the incumbent, Kittiratt Na-Ranong - had a close affiliation or working relationship

Korn was the one with the close affiliation, and Kittirat the one with the working relationship, or they both had close affiliations and working relationships.

True. Either way, what I didn't see was anything declarative in the article that Pin was a Democrat.

.

[Thai at Heart]

No more so than Pheu Thai Party's Kittiratt.

.

Well you can read this statement 2 ways

Korn Chatikavanij and the incumbent, Kittiratt Na-Ranong - had a close affiliation or working relationship

Korn was the one with the close affiliation, and Kittirat the one with the working relationship, or they both had close affiliations and working relationships.

True. Either way, what I didn't see was anything declarative in the article that Pin was a Democrat.

.

They saxena was close to newin. e what a viper nest

[rixalex]

Is this the Democrat version of thaksin?

Not sure he is but if only Thaksin had done what this guy did, and disappear for 15 years and return almost without notice. OK, it's not perfect, but it's the closest version of justice around here we are ever going to get for these sorts of people.

[Sydebolle]

So the chicken come home to roost then....... 8-)

[siampolee]

The fact of the matter is that all those involved in the 1997 crisis were all feathering their own nest, the double dealing false accounting and unsecured loans were all designed to benefit a few people.

Now the sharks are circling again getting ready to eviscerate the Thai economy for their own ends.Look at the names , totally self serving and crooked in all their dealings before

Failed schemes being revamped large budgets passed without question All the same as 1997. I was here and all the hallmarks this time around are the same.

Thailand is going to go down with a bang and we are all well aware who the players are and the main movers are.

Edited August 30, 2012 by siampolee

[annabel]

Hmm, seems they need the ol fleeing prosecution stops the statute of limitations time-clock law.

It's a very strange situation here.

No charges can be filed unless the accused appears in Court to acknowledge them so all the accused has to do is stay out of reach of the Thai authorities until the Statute of Limitations expires and the (potential) Charges then lapse.

Thaksin has several outstanding Cases against him but since he is a fugitive he cannot / will not attend Court to acknowledge them but the Statute of Limitations is still running

Patrick

Hoew many years does he have left before he can return squeeky clean ???

[webfact]

FAILED PURSUIT OF PIN

Prosecutors 'did their best'

The Nation

BANGKOK: -- Attorney General Praphan Naikowit yesterday rejected claims that his office had failed in its mission to locate and seek the extradition of Pin Chakkaphak, whose alleged massive siphoning-off of funds from his own business was seen as sparking the 1997 economic meltdown.

Praphan defended public prosecutors after it was disclosed that Pin has returned to Bangkok following the expiry of the 15-year statute of limitations in his case.

The Bank of Thailand accused Pin of collaborating with two others to embezzle Bt2.127 billion from his Finance One Group in 1996-97.

Praphan yesterday said prosecutors had tried their best to locate Pin and to seek his extradition.

He said that when public prosecutors learned Pin was staying in Hong Kong, they coordinated with Hong Kong police to arrest him but Pin fled to the United States. Then, prosecutors sought help from the US to arrest Pin. US officials went to his apartment only to find that Pin had left for the United Kingdom.

Praphan said prosecutors coordinated with British police, who arrested Pin in London. Charges were filed against him in Bow Street Magistrates Court, which ruled in favour of extraditing Pin to Thailand.

Pin appealed the ruling and the British Court of Appeals ruled in his favour on grounds that there was insufficient evidence to prove that Pin had violated British laws warranting extradition. The case could not be appealed to the Supreme Court.

"That was the judgement of the British court, but it was not a failure of [Thai] public prosecutors. We have done our best. It was just a procedural issue," Praphan insisted.

But critics said public prosecutors made a blunder in the translation of the suit that was sent to the British Court of Appeals, prompting the court to rule in Pin's favour. Critics said the public prosecutors use the term "theft" instead of "unlawful reaping of personal benefits".

In the Appeals Court's written judgement, Lord Justice Paul Kennedy and Justice Michael Harrison said there was insufficient evidence to commit Pin on any of the charges remaining against him. There was no evidence of dishonesty and no basis for a charge of theft, they said.

-- The Nation 2012-08-31