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Url for this page: Http://www.storm.ca/~kittoh/terrorist.html
This article was written in 2002 and updated in 2007. Some updates are needed but basically it is as valid as ever.
The anti terrorism legislation that was recently rammed through Canadian Parliament includes and defines as terrorist acts anything that "(j) adversely affects the stability of the Canadian economy, the financial system or any financial market in Canada without reasonable economic or financial justification;" that is "acts of economic disruption". Most people other than anti globalization activists have probably not paused to study this law. Maybe they should.
According to this definition, Rakesh Saxena would be a terrorist if his crimes were committed in Canada. However, he sits comfortably in his posh Vancouver residence known as the Bunker, fighting extradition to Thailand for just such an activity there as he carries on business as usual over the telephone. Albeit he is under alcohol-free house arrest, it sure beats the hell out of a Thai prison.
Saxena, an Indian national and currency speculator, was one of a handful of people including Adnan Khashoggi^, the Saudi arms dealer, who caused the near collapse of the Asian markets in 1997 when they embezzled some $US2.2 billion* dollars from the Bank of Bangkok Commerce. This subsequently caused the Bank of Bangkok to collapse which certainly adversely affected the stability of the Thai economy. The scandal led to the fall of the Thai government.
The Thai authorities pursued an extradition order on charges of embezzlement, fraud and securities-law violations when Saxena was found to be in Vancouver (his presence there revealed by Stockwatch journalists, not Canada's astute law enforcement agencies). After his arrest by RCMP in July 1996, Saxena posted $1 mil cash on his $2mil bail. Canada granted the extradition, a first for Thailand in September 2000 after nearly 100 days in court, paid for by the taxpayers of British Columbia. Saxena immediately filed an appeal which may well go on for some years.
"Outside the extradition hearing we are at the same time negotiating with Thailand. As you will know very well, my connections in Thailand are at the very highest level." he is quoted as saying. (Bangkok Post online quoting Vancouver Sun article)
Some of the Thai politicians caught up in the BBC scandal continue to hold high office. Saxena's brother, Deepak Sarup, a former auditor with Deloitte Touche Tohmatsu, was recently appointed as one of two new senior executives to help oversee the internal reforms of Siam Commercial Bank. Interestingly, Deloitte Touche and directors of YBM Magnex including former Ontario premier David Peterson have been sued by YBM stockholders and are involved in hearings before the OSC. The problem in this case revolves around their foreknowledge of YBM connections to Russian, Semion Mogilevich, another infamous moneyman and arms smuggler.
To round out the picture, readers may be interested to know that David Peterson is currently on the board of directors at University of Toronto along with Peter Munk, chairman of Barrick Gold, now Barrick-Homestake the largest gold cartel in NA. Since Davidson is also a director of Franco-Nevada Mining, another huge gold mining cartel, he and Munk must have lots to talk about when they get together for lunch. Mr. Munk keeps company at Barrick with Brian Mulroney and George Bush Sr. In his younger days, Mr. Munk once bailed Adnon Kashoggi out of jail in NYC. If you forgot already who he is then just return to the beginning of the article.
Saxena is wanted in India on homicide and related charges. He is also implicated in the illegal diamond industry/arms trade in Sierra Leone via his company Africa Resources Corp. During the course of the extradition hearings, BC law enforcement also charged him in January 1998 on suspicion of uttering threats, counseling perjury and obstructing justice. Seems the man is quite a hothead!
Meanwhile, links between Saxena and a Canadian federal politician have been exposed though vehemently denied. John Reynolds, Canadian Alliance MP for West Vancouver--Sunshine Coast and ironically opposition critic for Justice and now the interim leader of the Opposition party was sued in August, 2001 by brokerage firm, Global Securities over a debit of some $484,000 which Reynolds took and invested in a now defunct company called Wavetech Networks Inc. He and his wife, Yvonne made this investment through their company, Gainey Consultants' account with Global Securities.
Although Mr. Saxena does not appear to show up in public WaveTech documents, his involvement is indicated in the Vancouver suit. According to a Streetwire article by Brent Mudry. "'John Reynolds entered into a business transaction with Rakesh Saxena, pursuant to which Mr. Reynolds became a director of WaveTech Networks," states the suit."
This is the third Saxena-related debit suit filed by Global Sec within a year. Mr. Saxena continues to make money via telephone from his condominium guarded by personal bodyguards who he pays handsomely for their loyal services.
Opposition Leader John Reynolds continues to be a vocal critic of the Canadian government though Canadian people don't know if Saxena is one of his cronies or not. Would they care if they knew?
According to his own web site, Mr. Reynolds was first elected as Conservative MP in the BC provincial govt in 1972. He has also worked for major corporations, Ethicon Sutures Ltd., a subsidiary of Johnson & Johnson and held directorships on the boards of numerous public companies, including International Corona Resources, one of the largest gold discoveries in North America.
The Alliance party will soon choose a new official leader but regardless of the outcome, John Reynolds will continue to hold considerable power within the party. He is one of their longest standing members and a man with strong opinions. Mr. Reynolds has been the author of repeated private members bills in the House of Commons to bring back capital punishment in Canada.** He spends a lot of his time in Arizona where he may be influenced by his American buddies.
Another very different extradition case in Ottawa is that of Liban Hussein. A Somali born Canadian citizen, Hussein and his brother, Mohamed Hussein, own the Somalian money transfer company Barakaat North America Inc. whose office in Dorchester, Mass was shut down after September 11 due to alleged ties to terrorists. Mohamed was charged with running a money exchange business without a state license and is being held in custody pending his trial. Liban is wanted there on similar charges.
Conducting such a business is not a crime in Canada so the eager pursuit of Hussein's extradition to the US by Canada's Justice Department is rather unusual. However, Barakaat is on the US list of terrorist organizations which was adopted by both the UN and Canada without any public debate or investigation of any kind.
The parent company Al-Barak Exchange, headquarters in Dubai, United Arab Emirates, acts in place of the non-existent national bank in Somalia. Somalians in Canada and the US send much needed financial donations via Barakaat NA to their impoverished relatives in Somalia. Shutting down Barakaat serves to exacerbate the suffering and conflict in that troubled African nation. Somalia is on the Bush regime's hit list though not presently at the top of that list.
The suit against John Reynolds and the Hussein extradition hearing will both proceed sometime in the spring.
Notes:
*The amount varies from one account to another but in BC court documents, the Thai government purports that Saxena defrauded the BBC of $1.2 billion baht.
**Currently, C-239, a private members bill to bring back Capital Punishment in Canada is being promoted by Jay Hill, MP for Prince George-Peace River, BC and a member of the PC/DR coalition since he was ousted from the Alliance Party after openly criticizing Stockwell Day last fall.
Mr Clarke, leader of the PC/DR coalition assured this author that if it comes to a vote, each MP will be encouraged to vote according to his own conscience.
^Adnan Khashoggi, perhaps the best-known Saudi billionaire, controls his investments through Ultimate Holdings Ltd. and in Genesis Intermedia, which was reported to have been connected to suspicious stock trades around the time of the Sept. 11 attacks. (No linkage has been made between these trades and the attacks themselves). The rest of his private U.S. holdings are administered through his daughter's name from offices in Tampa, Fla., not far from where many of the alleged hijackers received flight training at both private and U.S. military installations.
Khashoggi is a longtime financial player, deeply connected to the Iran-Contra scandal of the 1980s and also to BCCI. But Khashoggi doesn't even make the Forbes list of the richest people in the world. One Saudi who does is Prince Alwaleed Bin Talal, who ranks as the 11th richest man on the planet with an estimated net worth of $20 billion.
This page updated March 2, 2012