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Non-Tech : GENI: GenesisIntermedia.com Inc

GENI 10.22

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Nov 7 9:30 AM EST

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From: StockDung	3/8/2002 3:30:38 PM
	of 574

"A favourite stock market tactic at the time was the serial listing: you float one subsidiary then transfer assets to another subsidiary for listing and so on." FUGITIVE FOREX DEALER JUMPED ON THAI BANDWAGON RAKESH Saxena was forced to leave Hong Kong in a hurry when someone filed a civil action against the quick-firing foreign exchange expert. He probably could not believe his luck when in 1985 he found he had tumbled into booming Bangkok. Fourteen years later he is Thailand's most famous fugitive. In a bizarre ruling, the Vancouver court which is hearing his drawn-out extradition case, has allowed him to be kept under house arrest in his own condo in the city, watched by bodyguards he pays for himself. In the early 1990s it was not hard to be a business genius in Bangkok - especially if the Bangkok Bank of Commerce's coffers were open to you. A favourite stock market tactic at the time was the serial listing: you float one subsidiary then transfer assets to another subsidiary for listing and so on. Few complained, or even noticed, when prices kept going up. Saxena succeeded by outflanking some of the crudest speculators: his bank lent money to the central bank governor. When the bank desperately needed fresh capital, Saxena simply issued bonds - and used bank money to buy them. Adnan Khashoggi has told the authorities that when Saxena offered him the opportunity to take over three local companies he told him not to worry about the money, he would supply it. He eventually - through his control of a small cement-maker - acquired part of the Phoenix action. In other words a man who was at the centre of the US Iran-Contra arms scandal ended up with a slice of a Khon Kaen pulp mill. One cynic reckons that Saxena may be the most successful foreign investor Thailand has ever known. William Barnes (Copyright 1999)

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