Close  

Thai bank’s ex-adviser sentenced to 10 years prison

/ 03:46 PM June 08, 2012

Former managing director of the Bangkok Bank of Commerce, Rakesh Saxena of India is escorted by Thai policemen as he arrives at the Crime Supression Division in Bangkok in this 2009 file photo. AFP

BANGKOK — A former adviser to a Thai bank has been sentenced to 10 years in prison and ordered to pay $36 million in fines and compensation for embezzlement that helped spark the 1997 financial crisis.

Bangkok’s Criminal Court ruled Friday that Rakesh Saxena “damaged the country’s economy.”

ADVERTISEMENT

Saxena, an Indian national, was an adviser to the now defunct Bangkok Bank of Commerce which made fraudulent loans to cronies of its management.

The bank had $3 billion in unrecoverable loans when it was shut down. Its failure exposed the weaknesses of the Thai financial system and helped trigger the devastating 1997-98 Asian financial crisis.

FEATURED STORIES

Saxena was charged in 1996 but fled to Canada. He was extradited to Thailand in 2009.

Read Next
LATEST STORIES
MOST READ
Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: banking scandal, News, Thailand, world
For feedback, complaints, or inquiries, contact us.


© Copyright 1997-2019 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.