The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Thailand: Foul play on the fairway

Self-taught M&A expert Rakesh Saxena teed off a glittering career on Bangkok's exclusive Navatanee golf course. But he eventually helped drive Bangkok Bank of Commerce into the rough with a bunch of allegedly dubious deals. Five of Saxena's Thai associates are due to be tried for embezzlement and the Bank of Thailand is now trying to rescue BBC. Saxena made it away to Vancouver, where he awaits extradition proceedings. Meanwhile, he protests his innocence and hones his golf skills. Gill Maitland reports

The diminutive Indian whacked the ball hard and watched it disappear into the rough. After four months stuck in Vancouver his handicap was down to 18 and the course was getting a little too familiar. His hands were cold and he yearned to be back with his businessman and financier friends on the Navatanee course in Bangkok. Alas, the Canadian authorities had seized his passport ­ and they weren't planning to give it back in a hurry. Reflecting on happier days, Rakesh Saxena sat at the 19th hole and dreamed of the days when a round of golf with the right people could mean the start of another lucrative takeover deal for him to get his teeth into.

It was at just such a game eight years ago that he first met Krirkkiat Jalichandra, then a cut-and-thrust financier who promised to fix up Saxena with a job at his bank, Bangkok Bank of Commerce (BBC). The name reverberated around Saxena's head. It was the lucky break that had given him the chance to put together deals that would make him a household name in Thailand, as familiar to stock-watching taxi drivers as to the prime minister.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree