BAM gets Bt2-bln from Saxena

Bangkok Commercial Asset Management (BAM) had recovered two billion baht from former fugitive banker Rakesh Saxena, who was charged with looting more than 2.5 billion baht the now-defunct Bangkok Bank of Commerce (BBC) in 1996.

BAM president Banyong Wisetmongkolchai said on Sunday that the company had recovered two billion baht from Mr Saxena's investment in Switzerland-based Movenpick conglomerate, including hotel and restaurant businesses.

After the Canadian court ruled to extradite Mr Saxena, most of the criminal cases were close to expiration while the Thai court had already ruled the civil cases, Mr Banyong said.

Saxena is a former BBC advisor who siphoned the bank's funds, causing it to collapse in 1996.