Appeals Court postpones BBC case ruling

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BANGKOK, 28 September 2011 – The Criminal Court has postponed the Appeals Court’s ruling of the embezzlement case against the three bankers of defunct Bangkok Bank of Commerce (BBC).

The Court has decided to put off the ruling as Krirkkiat Jalichandra, one of the three defendants is still in hospital for severe diarrhea. Krirkkiat, former president of the defunct Bangkok Bank of Commerce, and his two associates have been prosecuted for their involvement in the embezzlement of almost 1.2 billion THB which was partly blamed for the collapse of the bank.

The three allegedly colluded with the then BBC treasury adviser Rakesh Saxena to siphon millions from the bank, causing its bankruptcy under US$3 billion in debts, leading directly to the 1997 financial crisis. The Economic Crime prosecutors and failed Bangkok Bank of Commerce are the plaintiffs of the case.

The ruling has been postponed to 1 November 2011.