MAY 14 '92 19:30 CLIFFORD CHANCE HK 852 8104708
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decisions to extradite him. In the course of the proceedings, the Courts in UK said they found ample evidence of the dishonest involvement of Osman with Shamsudin and Saniman in the granting of fraudulent advances to the Carrian group in return for corrupt financial payments by George Tan.
THE SIGNIFICANCE OF SANIMAN IN THE FRAUD
49.
Not only was Sandman the only expert banker of the group but also enjoyed a unique position that was essential to both the orchestration and implementation of the fraud. As head of the International Banking Division of BBMB and simultaneously holding the position of Director of BMFL, Saniman was able to arrange money market funding within the BBMB network to BMFL so as to enable he and others to sit on the board of BMFL and advance the regular loans to the Carrian group. It was Saniman who was therefore in the unique position of being able to increase the limits of lending to BMFL to enable the increased funding and continued funding to the Carrian group. Significantly it was for Saniman to monitor all lending reports from BMFL to BBMB. He was in the influential position of not only organising the money for BMFL to dishonestly advance to the Carrian group but thereafter to suppress or misrepresent the position to BBMB's management committee, so as to enable the corrupt relationship between he, his fellow directors and George Tan to flourish and continue unabated without fear of discovery by the parent bank.
SIGNIFICANCE OF CASE
50.
As the Courts in several jurisdictions throughout the world have been told, this is the largest international banking fraud ever prosecuted. It is the most significant prosecution every launched by the Hong Kong Government and has attracted unprecedented media attention not only in Asia but also in Europe. Not only is the case regarded as having an extremely high profile by the Hong Kong Government but furthermore, the outcome will have a significant impact on banking confidence in Hong Kong and Asia.