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resignation to the Bank they reiterated Saniman's equal role in the affairs of BMFL and the advances to the Carrian group.
Saniman was the most highly qualified and expert banker of all the directors of BMFL. Furthermore, Saniman sat on all board meetings of BMFL relating to the advice. In fact, in relation to the US$100 million advance, Saniman gave expost facto hand written board approval over six months after the event and only when called upon to do so by senior management in BMFL.
IMPLICATION OF SANIMAN IN FRAUD BY CO-ACCUSED
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Hashim Shamsudin, in the course of extradition proceedings, returned from UK to Hong Kong. He pleaded guilty to a number of offences based on the same allegations as those against Saniman. Accordingly, he was convicted of having, with Saniman and other directors of BMFL, made fraudulent advances to the Carrian group whilst at the same time receiving corrupt payments from the borrower George Tan. Hashim Shamsudin, in his mitigation in Court, stated that Rais Saniman was very influential in the Bank and played a major part in the fraud. Hashim Shamsudin in early 1987 was sentenced by the Court of Appeal in Hong Kong to a period of 10 years imprisonment for his role in the fraud with Saniman and others.
Upon arrest in December 1986, Lorrain Osman admitted to the Police that he and fellow directors Sandman and Hashim Shamsudin made substantial advances in the amount of US$800 million to the Carrian group which had subsequently gone bust.
The Courts in UK, in the course of Osman's extradition proceedings having been satisfied as to his involvement in the fraud have ordered Osman to be committed to custody for the purposes of his extradition to Hong Kong. Osman has on several occasions attempted unsuccessfully to appeal those