Rakesh Saxena urged to unveil conspirators in BBC fraud case
Rakesh urged to unveil conspirators in BBC fraud case
BANGKOK, 2 November 2009 (NNT) – A former executive of the Thai Rak Thai Party, Mr Phairoj Suwanchawee, urged extradited financial advisor Rakesh Saxena to reveal the evidence showing that members of the “Group of 16″ politicians were involved in the Bangkok Bank of Commerce (BBC) embezzlement controversy.
Mr Phairoj challenged the former banker of the now-defunct financial institution to come up with information and evidence confirming the involvement of the so-called Group of 16, which includes himself, in the BBC fraud case. He claimed that false allegations were made against the group by certain groups of people and the media.
The Indian-born wizard financier is known to have information on the politicians or individuals involved in the embezzlement scandal which resulted in the bank’s collapse.
Prominent members of the Group of 16 policians include former executive of the dissolved Thai Rak Thai Party Newin Chidchob, former Deputy Finance Minister Varathep Rattanakorn, Phairoj Suwanchawee, Suchart Tancharoen, Puea Pandin member Suchart Tancharoen and ex-Sakhon Nakhon MP Chalermchai U-Rangkul.
Mr Rakesh Saxena fled to Canada in May 1996 after allegedly conspiring to embezzle 1.6 billion baht from the failed bank. He was charged with breaching the securities law after colluding with former BBC president Krirkkiat Jalichandra to endorse improper loans to City Trading Corp.
He was also accused of setting up bogus loans and fabricating accounts to steal billions of baht from the bank which led to the collapse of financial institutions in the 1997 financial crisis. Mr Rakesh returned to Thailand last Friday night to face embezzlement charges after losing the request for a hearing in Canada. He is currently being detained at the Bangkok Remand Prison.
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Posted by Siam Daily News
on Nov 2 2009. Filed under Politics.
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