Ex-Thai central bank chief ordered to repay $4.6bn

The former governor of Thailand's central bank, Rerngchai Marakanond, was ordered on Tuesday 2 Juneto pay back the Bt186bn (US$4.57bn) spent in the futile defence of the currency on the eve of the 1997 Asian financial crisis.

A local court criticised Mr Rerngchai for "grave negligence" for exhausting Thai foreign exchange reserves in a battle against currency speculators. It was the only prosecution brought in connection with the debacle.

Mr Rerngchai must repay the funds to the Bank of Thailan