Thailand bank boss fined £4.6bn

The Thai stock market also collapsed in 1997

A former Thai central bank governor has been fined 186bn baht ($4.6bn; £2.5bn) for his leading role in the country's 1997 financial crash.

Rerngchai Marakanond spent that figure trying - and failing - to prop up the country's currency during the crisis.

The Bangkok Civil Court has now ordered that Mr Marakanond must reimburse the Bank of Thailand within a month.

Otherwise he will face the seizure of his personal assets. The case was brought by the Thai government.

"The court finds that the defendant committed grave negligence by using the country's foreign reserves until they went into deficit," said a judge, reading out the verdict.

The ruling means that Mr Rerngchai is in effect being held personally responsible for the meltdown.

A lawyer for Mr Rerngchai said he would appeal against the ruling.

Expensive error

The court heard how Mr Rerngchai ignored calls to devalue the baht until it was too late, and most of Thailand's foreign reserves had been eroded.

At the time, he argued that a devaluation would mean a massive surge in the country's foreign debt.

The currency was finally devalued in July 1997, but not before 186bn baht had been spent trying to prop it up.

Thailand's financial crisis started after an overheated property bubble burst at the end of 1996.

Mr Rergnchai quit the top job at the bank a few weeks after the devaluation, five years before he was due to retire.