ex-banker Krirk-kiat denied bail

The Appeals Court yesterday

The Appeals Court yesterday turned down Krirk-kiat Jalichandra's bail request, saying that the former Bangkok Bank of Commerce president is subject to over 50 years of imprisonment on multiple counts as well as huge penalties and compensation and he could flee if on bail.

Krirk-kiat on Wednesday filed the bail request after the Criminal Court convicted him of embezzlement from the now-defunct BBC, for illegal lending to Support Systems. The ruling added another 35 years to his imprisonment term and he was ordered to pay an additional Bt4.96 billion in penalties plus another Bt2.475 billion in compensation to BBC.

The Appeals Court announced yesterday that Krirk-kiat was granted bail from other cases. However, aside from the long imprisonment term - more than 50 years - Krirk-kiat is shouldering huge obligations. For the Support Systems-related case alone, the financial obligation is as much as Bt7 billion. "There is no convincing evidence that if he was on bail, he would not flee. The court could thus not grant bail while the case is proceeding in the Appeals Court," the ruling stated.

His lawyer was seen alone at the court as Krirk-kiat has been held at the Bangkok Special Prison since September 3, when his bail request was submitted to the Appeals Court.

Krirk-kiat can file a bail request with the Supreme Court.

On September 3, the Criminal Court ruled that Krirk-kiat violated the Bank of Thailand and Securities and Exchange Act when lending over Bt2 billion to Support Systems, which used it to repay  debts that entities belonging to Rakesh Saxena, his adviser, owed the BBC.

Earlier, the South Bangkok Criminal Court sentenced Krirk-kiat to 30 years' imprisonment and Bt3.2 billion in fines. In another case, the Criminal Court sentenced Krirk-kiat to 60 years' imprisonment plus penalties of Bt1.15 billion and ordered him to return Bt767 million to the BBC. All the cases are being appealed.