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May 3, 2011

White Collar or Blue: Crime Is Crime

Bangkok Post, Corporate Counsellor Column

From Enron to Bernie Madoff, numerous high-profile white-collar crimes have attracted significant media attention in recent years. Here in Thailand, the case of Rakesh Saxena has recently resurfaced in the headlines after his extradition from Canada, and he is now awaiting trial on charges of embezzling funds from the Bangkok Bank of Commerce in the mid-1990s. Why this intense public interest in white-collar crime? Some would argue that this form of crime actually causes greater damage to the injured party than many traditional crimes. White-collar crimes also present unique difficulties in terms of both detection and recovery of the losses incurred, which can often be massive. This article examines the traditional legal recourse that can be taken against such crimes, as well as the recent developments that have been implemented in order to tighten the restrictions.

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