CONVICTED fraudster Lorrain Osman has rejected claims he got a ''good deal'' from the Hong Kong Government. In his first interview since his release from jail, Mr Osman was irritated when asked about the deal which saw him freed two months after he pleaded guilty to one count of conspiracy to defraud. Another 15 charges were dropped. ''I did not get a good deal,'' he said. ''I have undergone irretrievably the equivalent of a 15-year sentence in the UK - that is not a good deal.'' However, he added he was not complaining about his treatment in the past two months. Legislators have accused the Government of treating Mr Osman leniently and allowing him to leave the territory owing the authorities $12 million in legal costs. Asked if he would pay the money, Mr Osman said it was an area he did not wish to discuss. Government lawyers agree with Mr Osman that he did not get ''a good deal''. They point out that he admitted one of the biggest thefts in history and spent a long time in jail. Mr Osman, who fought extradition from Britain for more than seven years, pleaded guilty in June to having conspired to defraud the deposit-taking company of which he was chairman, Bumiputra Malaysia Finance Ltd, its parent company, Bank Bumiputra Malaysia Berhad (BBMB), and the Malaysian Government of US$292 million. He was sentenced to a one-year term. Mr Osman refused to discuss why he had admitted his guilt. However, it was unlikely that his case would have come to trial for more than two years and it may have lasted a further two years, during which he would have been held in custody. Mr Osman's legal battles are far from over. BBMB, of which he was a founding director, is suing him ''for everything they can think of'', he said. He is fighting them and counter-claiming as well. Despite his own experience with the legal system, Mr Osman still believes the English legal system is one of the best in the world. MPs and celebrities campaigned in the UK to have him released, arguing it was wrong for someone to spend so long in jail without trial. Mr Osman blames administrators rather than the system itself. ''I have always said the British system of justice evolved over centuries is one of the finest systems. I am biased because I was trained in it but if all the principles evolved over the years are observed, it's a great system. It remains the position that too many people who are responsible for administering it have forgotten these principles.'' The Cambridge-educated barrister was himself accused of abusing the system during his fight to stay out of Hong Kong. He launched an unprecedented 10 habeas corpus applications trying to win his freedom, thereby ensuring he remained in the UK for seven years. Once wealthy, Mr Osman claims he is now destitute and lives off the charity of well-wishers. Speaking in his comfortable home in the fashionable area of St John's Wood, Mr Osman said: ''We have survived for years very much on the charity of friends. There's not much future for me - there is no prospect with my record of getting financing to start afresh.'' He said that what little of his business empire remained in Malaysia was still frozen by the courts. The rest had been sold off over the years. He said his home was leased and he owned no property in the UK. Mr Osman said that a lot of his own lawyers' fees were unpaid and he was not in a position to pay them. ''I hope in the end friends of mine will come up with something, if not all. It's not something I enjoy, having outstanding debts.'' He paid tribute to his lawyers, saying that in some cases he believed they acted for him at significant risk to their future. As he re-adjusts to normal life, Mr Osman is spending most of his time at home. In his first week of freedom, he took only one foray, to Oxford Street, to buy some stationery. He plans to write to thank everyone who campaigned in the UK for his release. Mr Osman said he had no plans for a holiday - ''just being able to relax at home is the best holiday, as far as I'm concerned''. He holds a Malaysian passport issued just before his release which allows him to go anywhere except Israel. He has the right of abode in the UK and plans to stay there for the time being. ''This is the ideal place for me to catch up with the real world,'' he said. He is enjoying catching up with his family - although his wife Monica visited him every day in the UK, he had not wanted her to come to Hong Kong. His daughter, Katina, who was 11 when he was arrested, is now 18. There is nothing stopping him from going back to Malaysia. Once a close friend of top politicians, Mr Osman said he no longer had a relationship with Prime Minister Dr Mahatir Mohamed or opposition leader Tengku Razaleigh Hamzah. He would not elaborate or talk about the ''friends'' he said were financially supporting him. He would not discuss details of the case, saying only he had no regrets about the tactics he adopted which meant he spent so long in ''atrocious'' conditions in two London jails. Conditions at Stanley prison were ''a distinct improvement''. Mr Osman said his reluctance to speak on these issues was principally because of outstanding civil litigation against Bank Bumiputra. Mr Osman said he stopped in Hong Kong for two days after his release, so he could be checked by a doctor. He said he was probably suffering from some vitamin deficiencies.