CROOKED former bank economist Rais Saniman was jailed for five years yesterday for his part in the massive Bumiputra fraud.
Saniman, 60, was a powerful and crucial figure in the scandal, which seriously tarnished Hong Kong's banking and commercial reputation, Mr Justice Stuart-Moore said.
'This fraud has taken many years to live down,' the judge said.
The High Court judge said the scandal, in the early 1980s, sent shockwaves approaching earthquake proportions through the territory's business community.
Saniman, a former department head with the Malaysian bank, looked stunned and closed his eyes as the sentence was handed down.
Mr Justice Stuart-Moore addressed the once esteemed economist for more than 45 minutes, saying he wished to explain fully the reasons behind the sentence he imposed because of the worldwide publicity the case had attracted.
He said: 'This was a conspiracy that was almost, if not completely, without precedent. Today, almost a decade and a half later, it remains a fraud on a truly massive scale.' Saniman, a highly respected expert in the banking field, joined the criminal conspiracy with his eyes wide open, said the judge.