Bbc Ex-Chief Krirk-Kiat Dies At 63

[Lite Beer]

BBC ex-chief Krirk-Kiat dies at 63

The Nation on Sunday

Krirk-Kiat, succumbed to cancer.

BANGKOK: -- Banker at heart of long-running financial scandal was serving a 20-year jail term

Krirk-Kiat Jalichandra, 63, the disgraced ex-president of the now-defunct Bangkok Bank of Commerce (BBC), passed away yesterday, ending a controversial chapter in Thai banking history involving the scandal-tainted BBC.

Krirk-Kiat, who was sentenced to 20 years in jail in March 2010 in one case, still faced criminal and civil charges in 22 other cases, while one had reached the statutory limit.

The funeral rite will be held at Wat That Thong, Bangkok.

In 1996, the Bank of Thailand shut down the BBC and filed criminal and civil charges against Krirk-Kiat and the bank for illegal lending, massive embezzlement and other wrongdoings.

Krirk-Kiat, who had an MBA from the University of Wisconsin, started his career at Phatra Securities before moving to the central bank, where he worked for 10 years.

In 1986, he joined BBC, which was then controlled by his family, and later took up the bank's presidency.

Under his leadership, BBC embarked on an aggressive expansion programme, advised by Rakesh Saxena, the Indian-born financier who was later appointed Krirk-Kiat's chief adviser.

Saxena in key role

Saxena is now being held in a Bangkok prison after Thai authorities won a lengthy extradition battle to bring him back to face justice.

From 1993 to 1995, Saxena played a crucial role in running the BBC business, which was focused on lending funds to investors who wanted to take over companies listed on the Stock Exchange of Thailand.

Among the BBC clients were politicians in the so-called Group of 16, which then included Newin Chidchob, Suchart Tan-charern, Chucheep Harnsawad and Sora-art Klin-prathum.

BBC was also involved in massive and dubious lending for multi-billion-baht overseas transactions, resulting in huge losses and subsequent bankruptcy.

BBC was brought to its knees on huge leverage and improper lending, under the guidance of Saxena.

Krirk-Kiat and Saxena were allegedly responsible for changing the bank's focus from routine banking operations to high finance, stock-market speculation and takeover deals.

Several dozen dummy companies had been set up and bank deposits shuffled around in deals involving both local and international banks.

The Bank of Thailand filed a total of 26 lawsuits against Krirk-Kiat, Saxena and other accomplices for violating the Commercial Banking Act of BE 2505 and the Securities and Exchange Commission Act BE 2035.

Of the lawsuits, 17 were listed as causing public damage to the tune of Bt50 billion.

As of September 30, 2012, the central bank reported that 26 lawsuits were pending in various courts.

Of the total, 13 lawsuits are still in the lower court, while seven are in the Court of Appeals and six are in the Supreme Court.

Krirk-Kiat was a defendant in 22 lawsuits, while Saxena was a defendant in four separate cases.

In a March 11, 2009 verdict, Krirk-Kiat was sentenced by the lower court to 20 years in jail plus a fine of Bt3.1 billion.

Later, Krirk-Kiat sought a deferment on this case, citing ill health as he dealt with terminal cancer.

Overall, it was earlier estimated the former banker faced total imprisonment of 150 years and fines totalling Bt60 billion.

Krirk-Kiat had been suffering from lung cancer for years. Since 2010, he had appeared in courts to fight the embezzlement and other charges, in fragile physical condition.

Sri-amporn Salikoop, a Supreme Court judge, said the criminal lawsuits against Krirk-Kiat would come to an end, but the civil suits would continue even though the defendant had passed away.

This means the damaged parties and creditors could still pursue cases involving his inheritances and other assets.

-- The Nation 2012-10-21

[asiawatcher]

Sounds like cancer was the easy way out. It's hard to fathom such huge corruption. Even on the legal pursuit of Saxena and others, with what they already know, don't waste the courts time, charge and convict on one and give them life and ditch the rest. The legal fees are not worth chasing these clowns when guilt and corruption are so obvious.

[rubl]

Sounds like cancer was the easy way out. It's hard to fathom such huge corruption. Even on the legal pursuit of Saxena and others, with what they already know, don't waste the courts time, charge and convict on one and give them life and ditch the rest. The legal fees are not worth chasing these clowns when guilt and corruption are so obvious.

Regarding k. Krirk-Kiat I'm not sure you can talk about corruption. I don't remember having read that the deceased has personally profited. It seems more like gross mis-management, illegal deals, etc. More of a Thai 'Nick Leeson' in a way.

As for the OP's "This means the damaged parties and creditors could still pursue cases involving his inheritances and other assets." would that before or after the deduction of the THB 3.1 billion fine

[Credo]

So this guy never actually served any prison time, is that correct?

[rubl]

So this guy never actually served any prison time, is that correct?

Actually I have no idea if he did. Mind you, this theNation article paints a sorry figure

"Krirk-kiat penalties upheld, but where are the others'.

The Nation (Thailand) | October 17, 2010 | Copyright

14 years after the collapse of a 'hot' bank, its elderly president is one of the very few to have faced justice

There can be times when justice is far from done in a case even though hundreds of years of prison time have been handed down. The Appeals Court last week upheld the 20-year jail term and Bt5-billion in fines against Krirk-kiat Jalichandra, ex-president of the Bangkok Bank of Commerce, for embezzling money from the now-defunct financial institution from 1995-96. Reportedly suffering from fourth-stage lung cancer, Krirk-kiat appeared in court with a dust mask, cutting a lone, sad figure in a case that involved so many but yielded so few …"

[otherstuff1957]

"the so-called Group of 16, which then included Newin Chidchob, Suchart Tan-charern, Chucheep Harnsawad and Sora-art Klin-prathum."

All of whom later ended up in Thaksin's TRT cabinet.

[tomross46]

Still nothing about the politicians that received large amounts of money, for investments into there pet projects. Also one of the investers was an accused arms murchant.

[siampolee]

If one searches through the case and the names of those involved indeed it is interesting to see just how many hold power now both inside of Thailand and outside of Thailand.

The connection with an international arms dealer by a certain character who still has his own agenda was and perhaps still is an interesting link too.

[Thai at Heart]

If one searches through the case and the names of those involved indeed it is interesting to see just how many hold power now both inside of Thailand and outside of Thailand.

The connection with an international arms dealer by a certain character who still has his own agenda was and perhaps still is an interesting link too.

That's new money versus old. He was a blatantly crooked banker.