MAY 14 '92 19:29 CLIFFORD CHANCE HK 852 8104708
10
P.11
41.
42.
43.
One must consider these transactions and the circumstances surrounding them not only individually and in isolation but rather with regard to circumstances of the advances in their totality so as to fully appreciate the dishonesty and irregularity involved. One must consider the situation appreciated by Saniman and his co-directors as they advanced each subsequent loan having regard to the highly irregular circumstances surrounding the previous advance. The subsequent advances are thus coloured by the circumstances of the proceeding advances. As the advances continue the position of Saniman and his fellow directors becomes indefensible. It is only then that one fully appreciates the gross abuse of his position as a banker purportrated by Saniman and the fraudulent schemes and deception in turn practised by him.
Saniman was intricately involved in the initial negotiations with Tan and the mechanics of the subsequent advances. He was in fact the first director of BMFL to meet George Tan. He was personally concerned with the creation of loan documentation so as to totally misrepresent to the parent bank and the regulatory authorities the true nature and extent of lending by BMFL to the Carrian group. He personally devised false documentation in the course of the discharge of his functions.
All these matters are born out in detail by affidavits from witnesses who were officers of BBMB and BMFL. The Bank's employees give direct evidence of what happened at the time of the fraud and detailed first hand knowledge of Saniman's role in the Bank, his participation in the fraudulent advances and his relationship with George Tan.
CORROBORATION OF SANIMAN'S INVOLVEMENT
44.
After the full nature of BMFL's exposure to George Tan became known to the parent bank, as well as the massive consequent loss, Sariman resigned. In the course of correspondence by his fellow directors announcing their