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Asean ex Saxena loses extradition fight

2009-10-29 19:04 ET - Street Wire

by Mike Caswell

Fugitive financier Rakesh Saxena, 57, has lost his 13-year attempt to avoid extradition to Thailand. The Supreme Court of Canada, in a ruling handed down on Thursday, Oct. 29, 2009, denied his final appeal. Mr. Saxena had sought a judicial review of an order by Minister of Justice Rob Nicholson, which authorized his extradition. As is customary in Supreme Court rulings, the judges did not provide their reasons. Hours after the ruling, the RCMP handed Mr. Saxena over to Thai police at the Vancouver airport. They placed him on a plane to Bangkok.

Mr. Saxena is wanted in Thailand for embezzling $88-million from the Bangkok Bank of Commerce. The Thai government says he purportedly borrowed the money to acquire three telecommunications companies, but then used some of it to repay personal debts. He sent the remainder to Swiss bank accounts.

Canada's longest extradition battle

In June, 1996, the RCMP received information that Mr. Saxena was in Whistler, B.C. Police arrested him on July 7, 1996, at the request of the Thai government, kicking off the longest extradition battle in Canadian history. For most of the 13-year fight, Mr. Saxena lived under self-financed house arrest, at first living in a condo in False Creek, and later in a house in Richmond. He paid supervision costs of $43,000 per month, which included a real-time video monitoring system.

His extradition hearing began on Oct. 30, 1996, at in the Supreme Court of British Columbia. It spanned 90 days of court time over a four-year period. The initial decision to extradite was handed down by Justice Frank Maczko on Sept. 15, 2000. He found that there was reasonable grounds to conclude that Mr. Saxena could be convicted of fraud under Thai law.

That was hardly the end of the battle. Mr. Saxena filed numerous appeals with the Court of Appeal for British Columbia. In one, he argued that the evidence used by Mr. Maczko would not be available in a Thai court. In another, he claimed that he could be murdered by powerful people in Thailand, who were worried that his testimony would expose them.

The financier suffered a setback in November, 2003, when Canada's then minister of justice, Martin Cauchon, signed an order committing him for extradition. Mr. Saxena appealed that order, arguing that he had committed no crime in Thailand for which he could be prosecuted. He said that Mr. Cauchon did not carefully consider the evidence when he signed the order.

Mr. Saxena ultimately lost that battle. On March 5, 2006, the Court of Appeal ruled that Mr. Cauchon's decision was reasonable. "The Minister cannot be said to have been wrong in concluding that Mr. Saxena's surrender would not shock the Canadian conscience when the alternative would have been that he would never have faced trial in respect of the serious extraditable crime," wrote Justice P.D. Lowry.

Fortunately for Mr. Saxena, a military coup toppled Thailand's government before he could be sent back. He then successfully argued to Canada's justice minister, Vic Toews, that there was no assurance that Thailand's military rulers would treat him fairly. Mr. Toews agreed, and granted a special request that permitted the financier to remain in Canada temporarily.

Thai police continued requesting his return, and on Dec. 19, 2008, Minister Nicholson signed an order committing him for extradition once again. Mr. Saxena appealed that order. In a three-day hearing in May, 2009, he argued that the offences he is accused of were not ones that are listed as extraditable crimes under Canada's treaty with Thailand. As a result, Mr. Nicholson did not have grounds to prepare the order.

A three-judge panel of the Court of Appeal dismissed that argument on May 15, 2009. "There is simply no basis demonstrated for this Court to interfere with the decision of the Minister," the decision read. "That an extradition partner will fail to honour its obligations ... is not lightly to be assumed," the judges stated. They said that should Canada fail to extradite Mr. Saxena, such a decision would have to be made by the Minister of Justice himself.

Mr. Saxena appealed that decision to the Supreme Court of Canada, which resulted in Thursday's ruling.

Saxena in the markets

During his stay in Vancouver, Mr. Saxena had roles with many publicly traded companies. When he was initially arrested, he was a financial backer of Vancouver Stock Exchange listing Asean Holdings Inc. Other companies that he had roles with included two OTC Bulletin Board listings, Global Explorations Inc. and American United Gold Corp.

Reader Comments - Comments are open and unmoderated, although libelous remarks, including names, may be deleted. Opinions expressed do not necessarily reflect the views of Stockwatch.
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Unbelievable.

This country has some serious problems when its completely unable to offload a damned scammer who isn't even a freakin citizen.

Good damn riddance and your welcome for more than a decade sucking the taxpayer teat. Pfffftt!!

Posted by Get the fork out Crook @ 2009-10-29 19:45

Its about time, Rakesh Saxena is a lowlife lying cheating scumbag, not to mention stupid. He's blown all of the $88 million he stole and ripped off a huge number of people in Vancouver since he's been hiding here.

Up yours Saxena, you POS!

Posted by What's brown and sounds like a bell? @ 2009-10-29 22:37

"This country has some serious problems when its completely unable to offload a damned scammer who isn't even a freakin citizen."

It's all a matter of fiduciary duty, having our Canadian politicians fulfilling their role by supporting our legal system with real lawyers that are fighting to uphold those laws when it pertains to our judicial system or our politicians. They refuse to enforce cases where fiduciary duty is breached and broken so that's why we have cases like this.

What the outcome was going to be for this case, from the very start, was obvious. The defendant was buying special consideration from our judicial system and our judges to the tune of; "paid supervision costs of $43,000 per month, which included a real-time video monitoring system."

So there's a red flag right there.

What other defendant in Canada pays his own monitoring system fees? It should be considered then that Mr. Saxena bought special consideration from our legal system and the public should demand that whoever allowed that to happen be fired or suspended.

Allowing an accused criminal to live in Canada for 13 years while abusing our legal system via monetary means is in itself a travesty of justice for those who live here never mind those who lost money in Thailand and there are individuals who should be brought into account for allowing this to have happened.

Time and time again our Canadian politicians and our government minister's break their fiduciary duty to Canada's citizens and not one of them ever goes to court over breaking their fiduciary duty because Canadian lawyers are weak kneed little pansies who wouldn't know how to handle a fiduciary case if their lives (or country) depended on it.

As Tucker Carlson said so succinctly "Canada is like your retarded cousin you see at Thanksgiving... he's nice, but you don't take him seriously."

lol... and here's what our retarded cousins looks like

Posted by TheStreet @ 2009-10-30 00:32

If anyone has lost money with this man and wants to get it back.

He put most of his bootie into his mothers name. Small claim action his mother.

This man was famous for running pico schemes. Well in Thai prison, he can think of all the people that he and his mother took money from. He will not live through this as one of his scams was to have a fake heart attack almost a year ago to further slow down or manipulate the findings on the court by health issues. Everyone saw it for what it was and It is a great day. I am happy that he will never see the light of natural sun again. all I can say is Thai prison is still too good.

Posted by tom @ 2009-10-30 09:47

ms.otto there you go...great company u keep

Posted by boran @ 2009-10-30 10:37

Was ms.otto Saxena's mistress?

Posted by $800,000 hit @ 2009-10-30 11:23

Francois Otto was one of the first brokers to be hit with over $900,000 debt when the music first stopped in the market. She is a business person, not a mistress. Grow up and keep it in a mature professional environment.

Posted by Seguin @ 2009-10-30 13:47

How was $800,000 hit supposed to know. She has porked a tangible percentage of the street. Apparently she is very good. Can suck the proverbial golf ball through a garden hose.

Posted by missed out @ 2009-10-30 15:08

Now lets see if Rakesh's bagmen start to fall , like David Alexeander, John Briner et al

Posted by The Dr @ 2009-10-31 04:06

Please take note The Countess (Ms Otto) has more class in her little finger than the envious people here have in their out of shape bodies and yes she is good very very good in so many ways but of course most of you will just have to keep dreaming about that golf ball or somthing similar S

Posted by sequential @ 2009-10-31 14:59

Say what? Isn't she like 60 years old now?.....creepy just thinking about it.....ewwwwwww!

Posted by keep the lights off @ 2009-10-31 16:41

my friends wife was on the plane.He was crying and puked twice.One nailed the thai officer and the other they let him go to bathroom.He looked scared sitting in first class with three policeman.i think he knows thai jails make kingston look the hilton.he will probably get cornholed after a few days.

Posted by caca burnett @ 2009-10-31 17:33

He is looking at probably 30 years thats what his co conspiriter got if he were not so well known he could do a couple of years pay a milion $ and leave the country quitely but being that he has led them such a merry chase that wont happen they will make him serve long time and thai jails are not fun very hot and concrete box's and no comforts at all

Posted by sequential @ 2009-10-31 20:13

What's a $900,000 debt when she made more than a few million? Simply. the cost of doing 'twisted' business. PuffPac was a real winner stripping her of 1/2 ounce of credibility she ever had. Pitiful gold digger!

Posted by Nicola Dime @ 2009-11-02 13:55

What are you talking about? That $900,000 hit put her into bankruptcy and out of the business. At least she has some other skills to draw upon, although time is fast running out for clients that are willing to pay for those types of services.

Posted by mature professional female @ 2009-11-03 02:34

A new growth industry has been born in Canada - the land of the free-fugitives-, i.e. supervision of fugitives at $40,000 a month, as in this case.

Posted by Alert @ 2009-11-03 11:10

Rakesh is going to get what is long overdue for him, he deserves all that is coming his way in a hot stinking Thai prison .....the thieving POS!

Posted by Rakesh stole my money! @ 2009-11-03 13:06

Do you really think he will make it to a jail? I figured he'd be popped as soon as he gets off the plane. I guess his long lunches and karaoke days are over.

Posted by Seguin @ 2009-11-04 15:23

The Rakesh Saxena story is not over. It's just beginning. Corruption is a way of life in Thailand, and it may turn out Saxena is onside with the current power structure. Maybe now we'll find out what really happened to the Thai bank he was involved with, or not. The Thai authorities likely have made representations to Canada that he will receive a fair trial. We do not know the whole story. There may be a surprise ending, or not.

Posted by Unknown @ 2009-11-05 15:53

Being that he planned on being arrested here in Canada because he knew that he would buy at least 10 years because of our extremely slow court system. He planned that once he returned that the original government that was there is back (they were all part of the scam to begin with). Who knows? Maybe there will be another multi million dollar scam again and the Thai banking system will once again fail.

Posted by Seguin @ 2009-11-08 12:21

Who will Ms. Otto serve next now that Rakesh is gone?

Posted by Service Industry @ 2009-11-08 23:20

Where is the Otto girl? Hasn't she served them all already? Who's left? Wud be curious who her next choice is.

Posted by Sushi @ 2009-11-09 11:27

Karma's a bitch ain't it ? Guess what Mama is next. Enjoy the Lake of fire you useless piece of garbage Death by cornholing , how fitting.

Posted by The Dr @ 2009-11-09 20:53

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