Teh Hong Piow and 1966-Part 2

On October 28, 1966, about a month and a half after Teh Hong Piow and other former senior executives of Malayan Banking Bhd opened Public Bank Bhd for business, there was a run on Malayan Banking.
The matter was so serious that police had to be called in to control crowds at some branches, and Bank Negara and its then Governor Ismail Ali had to issue a statement expressing Government support for Malayan(Straits Times, Saturday ,29 October 1966,page 1).

According to a market commentary in the Straits Times, Monday 31 October 1966:

The (Bank Negara) statement on Malayan Banking was more than timely in view of the rumours that have been sweeping through the market over the past month or so.
The market has to a large extent been holding back because of concern about the affairs of this huge bank chain, with all its ramifications and which in the past few years has expanded so rapidly.
The report and accounts for the year ended June 30 are well overdue.The annual meeting is some six weeks late .....the market view is that the affairs of the bank
should be the subject of an investigation to clear the air completely.

According to the Bank Negara Annual Report for the year ended 31 December 1966:
Rumours arose from the differences of opinion among some members of the board of directors of the bank regarding certain material advances to customers of the bank.These advances were found to be inadequately secured, particularly as a result of depressed prices of property shares which formed the main security of the advances.Subsequently additional securities were lodged with the bank in respect of these advances.
(Note: The Bank Negara report is careful to not name Malayan Banking -it simply refers to a commercial bank which experienced abnormal withdrawals at the end of October 1966 which required the Central Bank to issue a public statement to assure the bank's depositors of the safety of their funds)

And to take readers back to Part 1 of the Teh Hong Piow story:

He rose swiftly through the ranks and became general manager (in 1964).

In 1966 came the decision to strike out on his own.

One of his earliest breakthroughs – a foray into housing development – generated some RM10mil, which was used as seed money to set up the bank.
(http://biz.thestar.com.my/news/story.asp?file=/2007/10/18/business/19198449&sec=business )

So -Teh left Maybank in 1966-got into property development , made RM 10 million-and started his own bank in August that year.How brilliant, how skillful......(readers can add other adjectives)

(see full story at http://sahathevan.blogspot.com/2007/10/public-banks-teh-hong-piowwhat-exaclty.html)

Comments

Post a Comment

Popular posts from this blog

Ben Robert-Smith : How was Justice Anthony Besanko of the Federal Court able to find that the crime of murder has a civil twin, which can be determined on a balance of probabilities

Image
 by Ganesh Sahathevam                                                                                                                  The Hon Justice Anthony Besanko Media reports about the Ben Robert-Smith defamation matter  have at least given the impression, if not asserted,  that Justice Anthony Besanko of the Federal Court found  that Robert-Smith had committed murder. Most if not all reports have been at pains to stress that the finding was based on a balance of probabilities, and not beyond a reasonable doubt, for the matter was a civil and not criminal matter.  However,  reading his summary one can immediately see that Justice Besanko  found not that Roberts-Smith had committed murder but that the " respondents had, (on  a balance of probabilities) established the substantial truth"  that  Roberts-Smith had committed murder.  However, murder is a  crime and a finding of murder in a criminal court (which is the court in which crimes like murder can be determined!) inv
Read more

Who authorised former NSW Police Commissioner Mick Fuller to say anything about the Berejiklian era quarantine fee and why? Fuller's notice confirms suspicion that NSW Berejiklian government had no basis to impose the quarantine fee, nor quarantine persons who were COVID negative 

Image
 by Ganesh Sahathevan      Premier Gladys Berejiklian with NSW Police Commissioner Mick Fuller and Brigadier Mick             Garraway Who authorised former  NSW Police Commissioner Mick Fuller  to say anything about the  Berejiklian era  quarantine fee and why? Fuller's issuance of his  COVID  quarantine notice, and subsequent silence, would seem to confirm suspicions raised on this blog that NSW's Berejiklian government had no basis to impose its quarantine fee. Fuller's conduct also adds to suspicion that the Berejiklian government did not have the authority, even under its COVID emergency powers, to quarantine persons who were COVID negative. International arrivals had to test negative for COVID before boarding their flights to Sydney, and tests had to be administered within 72 hours of departure. Quarantine on arrival of those who exhibited no COVID symptoms was quite likely unnecessary. It did, of course help bolster Gladys Berejiklian's approval ratings. TO BE RE
Read more

Revenue NSW COVID Quarantine Fee payment demand notices suggest that Police Commissioner Mick Fuller breached the law with his demand for quarantine fees

Image
 By Ganesh Sahathevan  Anyone who has received a Revenue NSW Quarantine Fee demand for payment notice  will be familiar with these words that are contained in the notice: What is the quarantine service fee? A mandatory quarantine service fee applies to all travellers arriving in New South Wales (NSW) who are required to quarantine as part of the public health order. Mandatory quarantine is needed to stop the spread. of COVID-19 in NSW The qurantine fee has been charged pursuant to Section 70 of  the NSW Health Act. However, as previously reported, that section does not permit any imposition of mandatory fees.  However, in apparent defiance of Section 70 of the Health Act, Fuller issued a notice   in which he said  that Revenue NSW " will be charging a mandatory quarantine fee". TOE BE READ WITH  Former NSW Police Commissioner Mick Fuller said in his notice that Revenue NSW " will be charging a mandatory quarantine fee" - Former NSW Ministers Hazzard, Tudehope insis
Read more