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T
largest
he US$2.5 billion loss by BMF and
the subsequent Carrian Group
bankruptcy were in fact Asia’s
bank losses and largest
bankruptcy case at that time. Lorrain
Buruh among others. However, these were
extraordinary
Malaysian
times
Government
concerning
owned
(Permodalan Nasional Berhad owns 70%
of BBMB) and a bank chairman that has
a
bank
Esme Osman became a household name been tipped to become the next Minister
in Malaysia and his intentions to takeover of Finance. After many sleepless nights
Bank Buruh was now left in tatters. (I’m sure) and six weeks after the
Continued from Part One stinging Inspection Report has been
finalized and submitted to the BNM
During the trial of the murder of Jalil Governor only did Tan Sri Aziz Taha meet
Ibrahim, Malaysian Mak Fook Than was up with Dr Nawawi. Any other banks
found guilty and sentenced to life in would have been wrapped up, signed,
prison. Mak vehemently denies the sealed and delivered to BNM in half that
murder charge and told the court that he time!
was merely acting on instructions to
dispose the body and that the murder was On the 12 November 1982 meeting, Dr
committed by an unnamed Korean Nawawi personally assured Tan Sri Aziz
nationality who in turn was taking direct Taha that “everything in under control and
orders from a man named George (no that the internal audit team of BBMB was
surname). It was later discovered that at that moment carrying out its own audit
Jalil was strangled with a white cotton on BMF.” Tan Sri Aziz proceeded to brief
bathrobe belt in his hotel room and his TDM on 16 November 1982 and again on
body stuffed into a large suitcase. A 5 January 1983 on the BBMB/BMF issue.
porter at the Hong Kong Regent Hotel On 2 April 1983, Tan Sri Aziz officially
remembered carting the heavy suitcase wrote to TDM (10 paged letter on official
through the lobby into a taxi trunk. BNM letterhead) to “provide a clearer
picture as to how BMF got itself into this
Prior to the murder and Carrian’s predicament.” (Classic case of ass
announcement of liquidity problems, BNM covering but who can blame him?) He
(under Special BNM Investigator Lee Kong ended the letter seeking yet another
Lam) officially investigated the BMF affairs appointment with TDM to “discuss the
and made a full report to the BNM BMF affair and how to deal with the
Governor, Tan Sri Aziz Taha. In the Bank accounts of the Bank Bumiputera Group
Negara Inspection Report on BMF (as of taking into consideration requirements of
30 June 1982), it stated that BMF has the company law, banking law, accounting
over exposed themselves with a total loan practice, and possible repercussions from
amount of HK$5.042 billion of which these problem loans as far as the public is
HK$3.246 billion was offered to the concerned.”
Carrian Group and its subsidiaries, “the
bulk of which was granted on an The time (delay) in which BNM failed to
unsecured basis.” The Inspection Report react and his seeking of the PM to settle
also pointed out illegal payments of such issues shows the political clout
Touche Ross was sacked by BBMB after The Inquiry Commission finished their
signing off on the 1982 Audit Report. In BMF Final Report in January 1986
the same year, the Carrian Group filed for consisting of 13 volumes. The BN
bankruptcy in Hong Kong. SHKPIL, Kevin machinery was up in arms when the full
Hsu’s public listed company followed suit. implications of the report were revealed
as nobody (not even the Opposition) had