Thailand

June 2005 | Risk Summary

The former governor of the Thai central bank during the Asian financial crisis, Rernghai Marakanond, has been fined THB186bn (US$4.6bn) for his role during the crisis. The figure is the amount equivalent to what Marakanond spent trying to prop up the Thai currency during the crisis. The case, which was brought by the Thai government, means that the former governor is being held personally responsible for the meltdown. In a statement, the judge said that the defendant committed grave negligence by using the country's foreign reserves until they went into deficit. Rerngchai argued at the time that the intervention was

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