On this day, 40 years ago, June 6, 1985 (April 18, 1985, the Overseas Trust Bank of Hong Kong announced its closure. On June 6, 1985, the Overseas Trust Bank of Hong Kong announced its closure. Overseas Trust Bank (OTB) is a Chinese-funded bank in Hong Kong that has been acquired. Overseas Trust Bank was founded in 1955 by Zhang Mingtian, whose ancestral home was in Xiamen, Fujian Province, and was listed in Hong Kong in October 1972. In 1979, Yip Chuang-ling, then chairman of the Dominican Finance Company, reached an agreement with the senior management of the Overseas Trust Bank to sell US dollar cheques received by his finance company to Hightrust, and the senior management of the bank allowed the businessman to cash in cheques. Until 1982, merchants because of the turnover problem, so that the check wheel collapse. Senior bankers and businessmen then conspired to disguise the losses caused by the cheque-rolling with false loans. In the end, because the losses were too large to cover up, the company faced the verge of closing down, which also opened the prelude to the Overseas Trust Bank incident. On June 6, 1985, the senior management of Overseas Trust Bank suddenly announced that Overseas Trust Bank was facing bankruptcy due to serious capital flow difficulties and insolvency caused by false accounts. The government at that time was worried that the collapse of OTC would shake the confidence of citizens and investors in the local banking industry, so it ordered OTC to temporarily suspend business. On June 7 of the same year, the Legislative Council held a special meeting and passed the third reading of special legislation, requiring the government to use 3 billion yuan in the Exchange Fund to take over the Overseas Trust Bank. At that time, the bad debts of the Overseas Trust Bank were as high as US$89.5 million (or nearly HK$700 million). The government immediately appointed a new board of directors to take charge of the Overseas Trust Bank. Two days later, Haituo resumed normal business. While injecting capital into the overseas trust bank, the government also appointed the Commercial Crime Bureau of the Hong Kong Police Force and hired professional accountants to thoroughly investigate the reasons for the collapse of the Overseas Trust Bank. In March 1986, the government requested the Independent Commission Against Corruption of Hong Kong and the Commercial Crime Bureau of the Police to form a 30-member joint task force, together with professional accountants, to conduct a 14-month in-depth investigation at the high-level bank office of the Overseas Trust Bank Headquarters on the sixth floor of the Overseas Trust Bank Building in Wan Chai. The case was concluded in mid-May 1987 and the persons involved were sentenced to imprisonment ranging from 2 to 6 years. This incident put the life's efforts of Mr. Cao Yao, the founder of the bank and a famous Hong Kong banker, in vain. Fortunately, his beloved nephew, Mr. Cao Jiadao, left the bank at an early stage and was not involved in this incident. The government sold Haitao and Haitao into DBS In July 1993, the government sold the Overseas Trust Bank, which it took over in June 1985, to Dao Heng Bank, a subsidiary of Guohao Group, for HK$4.457 billion. In April 2001, DBS Group Holdings Limited acquired Hong Kong's Dao Heng Bank Group, including its Dao Heng Bank and Overseas Trust Bank, from Hong Kong's Guohao Group. On July 21, 2003, DBS Group announced the completion of the merger of Dao Heng Bank, Overseas Trust Bank and Guang 'an Bank and changed its name to DBS Bank (Hong Kong). The name Hightower has since become history.