Mexican Banker Held for 2 Years Is Extradited

Fugitive Mexican banker Carlos Cabal Peniche, held in an Australian jail for more than two years, was extradited to Mexico today to face $700 million worth of fraud charges, his lawyer said.

Cabal decided last month to stop fighting his extradition after an Australian court overturned a July 19 decision to release him on bail of more than $1 million.

The former Banco Union chief pleaded with authorities to speed up his extradition after the decision to grant bail was overturned on a Mexican appeal.

The once-highflying Cabal fled Mexico in 1995, just before the Mexican government took over his bank as part of a wider $100-billion bank bailout by the government.