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Fugitive Thai banker released from custordy

Fugitive Thai banker released from custordy

A Canadian judge granted fugitive Thai banker Rakesh Saxena release from custody pending a judicial review of his case but expressed frustration over the many years the case has been winding through Canadian courts.
In a ruling released Tuesday, Justice Edward Chiasson noted that it has been 12 years since Saxena was arrested in Whistler, British Columbia, on an extradition warrant from Thailand.
He has been fighting ever since to stay in Canada.
Saxena was charged in Thailand with looting about US$72 million from the Bangkok Bank of Commerce. Thailand alleges the fraud partially precipitated the bank's 1995 collapse and led to the Asian financial crisis of the late 1990s.
Through many court proceedings, Saxena has been under house arrest, free under strict conditions, back in custody and free again under conditions.
The latest judicial review application will be heard in court in May.
The judge pointed out that the statute of limitations on the Securities Exchange Act charges in Thailand will run out in July 2010.
He said further delays in Saxena's case in Canada could result in the application not being decided before then.
"I lay no blame and cast no aspersions," wrote Chiasson, adding that "an extradition process that takes 12 years and is still running is flawed.
"It is difficult to find a more cogent example of the adage `justice delayed is justice denied.'"
He said there is a risk that the administration of justice will be held in "disrepute as a result of the delay that already has occurred."
In May 1996, Saxena was a treasurer adviser for the bank when Thai authorities charged him with setting up a series of phony loans to siphon millions from the bank.
He has maintained he is being made the fall guy by executives of the bank related to the Thai royal family, and by financial regulators embarrassed by the scandal.


Updated : 2021-04-14 01:52 GMT+08:00