Former BBC adviser gets 10-year prison sentence
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A Thai court on Friday sentenced Rakesh Saxena, the high-profile former bank adviser, to 10 years in prison and fined him Bt1 million for approving bad loans.
He is also ordered to return Bt1.132 billion.
Rakesh, an Indian, was involved in the Bangkok Bank of Commerce (BBC)’s Bt1.66billion fraud, which later led to the collapse of the bank at the beginning of the financial crisis in 1997.
Saxena was charged in 1996 but fled to Canada. He was extradited to Thailand in 2009.
The court said Rakesh “damaged the country’s economy”,
Legal Execution Department chief Wisit Wisitsoraart had said that his office had retrieved Bt415 million from Swiss banks as part of its operation in relation to the failed Bangkok Bank of Commerce.
Wisit said his department, in cooperation with the Office of the Attorney General and the Bank of Thailand, had traced the embezzled assets hidden in Switzerland by Kirkkiat Chaleejan, Rakesh and other former BBC executives.
He said another batch of about Bt100 million would be returned to Thailand later, and the money would be repaid to creditors. The department is also looking for assets hidden in Canada, he said.
Wisit added that Bt686 million had been collected from auctions so far and would be returned to the 14 financial institutions.
