National Bank of Brunei

Topics: Malaysia, Singapore, Brunei Pages: 2 (719 words) Published: August 12, 2011
One case from Brunei concerns Khoo Teck Phuat and his son Khoo Ban Hock. The latter was managing director of NBB w. Under his charge, the bank loaned more than Brunei $1 billion (which is equivalent to Singapore $1 billion) to companies controlled by his father. These loans were undocumented and unsecured. It was claimed that these offences under Brunei banking laws by Khoo Ban Hock were committed under the control and his direction of his father.

When this dishonesty was discovered, the younger Khoo was sentenced to 3 years jail but later only served two. The elder Mr Khoo was not charged, but it was understood that he made restitution of about S$600 million to cover the losses suffered by various party. Mr Khoo Teck Puat later went on to become a billionaire, and was of the largest shareholders in megabank Standard Chartered when he died in 2004. However, after the NBB scandal, he kept a low profile.

Tan Sri Khoo Teck Puat (Chinese: 邱德拔; pinyin: Qiū Débá; Pe̍h-ōe-jī: Khu Tik-pua̍t) a banker and hotel owner, who, with an estimated fortune of $4.3 billion, was formerly Singapore's wealthiest man. He owned the Goodwood Group of boutique hotels in London and Singapore and was the largest single shareholder of Britain's Standard Chartered Bank. The bulk of his fortune came from shares in British bank Standard Chartered, which he bought up in the 1980s to help thwart Lloyds Bank's proposed acquisition which many financiers deemed hostile. TheGoodwood Park Hotel in Singapore, built in 1900, is a historic landmark that recently underwent restoration. He was ranked as the 108th richest person in the world by Forbes magazine in 2004.[4] The estate of Tan Sri Khoo Teck Puat had donated $80 million to Duke University.[5]

Khoo gained his early education at Saint Joseph's Institution in 1930. He was educated up to Standard 8 prior to his marriage at the age of 17, and started working in OCBC bank as an Apprentice Bank Clerk by 1933. While attached with OCBC, Khoo...
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