Saturday, December 31, 1983

BMF Scandal


BMF, a subsidiary of the prestigious Bank Bumiputra Malaysia, which operated in Hong Kong, suffered huge losses (approximately US$1 billion) when the property market there collapsed in 1983, and it was disclosed that some of BMF's top officials had accepted corrupt payments. Not only did the bank, after having assumed some of BMF's losses, have to be bailed out with consequent damage to the Malaysian economy, there were also political repercussions because of speculation that topMalaysian politicians might be implicated, which even affected elections for the higher echelons of the dominant component, the United Malays National Organization (UMNO), of Malaysia's ruling party, the Barisan Nasional.


download related report: http://sunzi1.lib.hku.hk/hkjo/view/50/5000264.pdf

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