Saxena faces first charge

 The Office of the Attorney-General will file the first of 20 embezzlement charges against Rakesh Saxena, the man allegedly instrumental in bringing about the collapse of the Bangkok Bank of Commerce, immediately after the police interrogate him.

Police are seeking the court's permission to hold Saxena on remand, while the OAG will ask the court to deny him bail.

"The case will proceed immediately, and the filing will definitely be made before the statutory limit on July 20, 2010," said deputy attorney-general Seksan Bangsombun, who is in charge of economic and resource cases.

The office began the manhunt for Saxena in 1996.

Attorney-General Julasing Wasansing said the office is prosecuting 20 cases against Saxena for causing damage of more than Bt10 billion to BBC. The cases are currently at the documentation stage.

Other alleged accomplices have already faced charges.

In its extradition case against Saxena, the OAG focused only on the loan to City Trading, but it will later inform the Canadian authorities about the additional 20 cases, in line with the extradition agreement.

Julasing described Saxena as being in a frail condition and needing help in standing, but having given full cooperation to Thai officials since losing his extradition battle.

The attorney-general also thanked all concerned for their cooperation during the 13-year extradition saga.

"The office will further pursue Saxena's remaining assets worth more than US$20 million [Bt669 million] in the UK and Switzerland. It should take a while," he said.

In the initial case, Saxena and then-BBC president Krirk-kiat Jalichandra were alleged to have jointly approved a Bt1.66-billion loan to City Trading.

The amount was beyond their authority and was not based on correct asset evaluation, thus violating the Criminal Code's articles 83, 352, 353 and 354 and the Securities and Exchange Act's articles 307, 309, 311, 313 and 315.

The Bank of Thailand and the Stock Exchange of Thailand yesterday promised full cooperation to the prosecution, standing ready to supply evidence and witnesses.

Meanwhile, Prime Minister Abhisit Vejjajiva vowed to prosecute any politicians found linked to the BBC banking fraud case in 1996, dismissing concern about fixing the legal proceedings for the sake of political expediency.

"There is no cause for concern because everything will proceed in accordance with evidence," he said.

Saxena has boasted of having political contacts with the now-defunct faction known as the "Group of 16", which has morphed into various coalition cliques, including the current Newin Chidchob faction.

Abhisit said the prosecution of Saxena would be based on the rule of law and free from political meddling.

The government will not play a political game in connection with the fraud case in 1996, Deputy Prime Minister Suthep Thaugsuban said yesterday, echoing his boss. Although he led the censure debate in the House that subsequently exposed the BBC fraud, he would not get involved in the prosecution of Saxena, he said.

Suthep also dismissed speculation that the Democrats might exploit the case as political leverage to rein in coalition allies with linkage to the fraud.

"At the time of the incident, the Democrats did their job as opposition lawmakers and the case has moved on to the prosecution stage, in which justice should be allowed to run its course," he said.

As the case came to light when the disbanded Chart Thai Party was in power, the then prime minister Banharn Silapa-Archa was in charge of initiating the legal proceedings on the banking fraud, Chart Thai Pattana Party spokesman Wachara Kannikar said.

Wachara called on the authorities to get to the bottom of the fraud and prosecute all culprits regardless of their political connections. He denied that his coalition party, which is the reincarnation of the disbanded party, was trying to shield politicians linked to the fraud.

"The case should be prosecuted to the full extent of the law because society is waiting to see whether Saxena is the final culprit or a precursor to a long list of culprits," he said.