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Thailand: Supreme Court to consider case against former central bank governor on charges of misconduct during financial crisis.
Section: General News - The Bank of Thailand's (BoT) case against its former governor Rerngchai Marakanond alleging reckless misconduct during the 1997 economic crisis is now before the Supreme Court, after the Appeal Court dismissed the case, The Nation reports.
The BOT and the Exchange Equalisation Fund had together made the charge against Rerngchai after the central bank suffered damages estimated at Bt186.02 billion.
Under his tenure, at the height of the 1997 crisis, the BOT spent vast sums of public money trying to defend its fixed-exchange-rate policy for the baht before eventually admitting defeat and allowing the currency to float. The civil court found him …
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