Bumiputra Malaysia Finance Banking Scandal

In 1965, the government established Bank Bumiputra Malaysia Berhad (BBMB) in order to help Bumiputras get more involved in economic activities. BBMB’s first chairman was Tengku Razaleigh, who later became Finance Minister

Bumiputra Malaysia Finance (BMF) was set up in 1974 as a subsidiary of BBMB and started operating in Hong Kong in 1977. By 1980, BBMB was receiving RM50 million a month from Petronas to increase their reserves, eventually making it the second-largest bank in Southeast Asia at the time.

But what gave Carrian Group legend status was when George Tan bought a super-premium commercial building in Hong Kong called Gammon House (now known as Bank of America Tower) for HK$1 billion in January 1980 and sold it less than a year later for HK$1.6 billion! This, along with skyrocketing share prices, made George Tan Hong Kong’s corporate golden boy overnight.

However George Tan’s high roller status didn’t last long. Hong Kong was a British colony and, by the 1970’s, China wanted Hong Kong back. The intensified negotiations between the British and the Chinese in the 80’s created a sense of political uncertainty and fear in the population which led to a massive collapse of property prices in Hong Kong in 1982. This in turn affected the Carrian Group and, by 1983, the Hong Kong Stock Exchange suspended trading in Carrian Group shares.

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