Thailand's Central Banker to Stand Trial for 1997 Economic Crisis by Phairath Khampha 31 December 2001 In Thailand, a panel of judges ordered the former central bank governor to stand trial for his handling of the financial crisis in 1997. The Bank of Thailand was seeking $4 billion in damages from its former head, Rerngchai Marakanond. He was accused of losing that amount in foreign exchange reserves in his efforts to protect the Thai currency from speculative attacks. Mr Rerngchai defended his actions, saying the policy of currency swaps had been in place for more than 40 years. He filed a countersuit against officials - including the Finance Minister Somkid Jatusipitak, and the current Bank of Thailand governor Pridiyathorn Devakula - accusing them of abusing their authority to cause damage to his reputation. Lawyers say Mr Rerngchai's trial would possibly lead to increased accountability among officials, but some analysts said the banker iwa being made a scapegoat for the government's own failings and for the fact that the crisis was brought upon the country, and subsequently the rest of Asia, because Thailand's extremely corrupt economic and political elite had stolen so much of the nation's wealth that the real collective value of the country was considerably less than the value of wealth being generated. That is, the stolen wealth was greater than the GDP. The first hearing in the trial was set for February 21, 2002, according to court officials.