Barings bondholders target SFO

The action group trying to bring a private prosecution against Nick Leeson, the former Barings futures trader, said last night it would fight the Serious Fraud Office "all the way" if it tried to shut the case down.

Yesterday, Michael Hill QC, acting for the Barings bond-holders, met George Staple, the SFO director, after the SFO case controller, James Kellock, surprised bondholders on Friday by asking them to send the SFO their papers. His first letter was followed by a second demand within 30 minutes. By yesterday the papers had been handed over to the SFO.

Although the bondholders are taking a private prosecution against Mr Leeson, the SFO is arguing that it has powers under the 1987 Criminal Justice Act to take over such a prosecution if it falls within the remit of serious commercial fraud.

Jonathan Stone, who is leading the bondholders' action group, said yesterday "the SFO does not have a leg to stand on". Mr Stone laid eight summonses against Mr Leeson last week in the City of London magistrates' court. He said the court was "absolutely clear that we had jurisdiction over these offences. The court had no cause for concern. It is absolutely inappropriate for the SFO to step in now". Mr Stone added: "We will fight them all the way. . . The SFO has quite a reputation for tripping up."

The SFO said Mr Kellock had asked the bondholders' solicitor on Friday for their papers on the case and had now received them. "The director has the power to take over a private prosecution in certain cases and he is now considering whether he can do it on this particular occasion," a spokeswoman said.

Sources at the SFO said the office believed the most appropriate place for a trial on the Barings affair was Singapore. The office had to show it was prepared to work closely with other prosecuting authorities in tackling overseas fraud. "If we want better co-operation in the future we have to show that we are prepared to do the same ourselves. And we feel that all the witnesses are in Singapore and the evidence and we do not wish to be shy in saying that."

The SFO view contrasts strongly with that of the UK bondholders and of Mr Leeson's solicitor. They believe there is sufficient evidence for a trial to be played out in the UK. They have argued that the people who lost out from the collapse of Barings are predominantly based in the UK and that more of the background to the case will emerge if the trial takes place here.

The German authorities expect to make a decision on whether to accept the Singaporean extradition application later this week. If they accept the request, Mr Leeson's lawyer has said it will be resisted.

Voices
voices
News
President Obama, one of the more enthusiastic users of the fist bump
newsBumping fists rather than shaking hands could reduce the spread of infectious diseases, it is claimed
Life and Style
Upright, everything’s all right (to a point): remaining on one’s feet has its health benefits – though in moderation
HealthIf sitting is bad for your health, what happens when you stay on your feet for a whole month?
News
newsHad asteroid hit earlier or later in history, the creatures might have survived, say scientists
PROMOTED VIDEO
Arts and Entertainment
Peter Griffin holds forth in The Simpsons Family Guy crossover episode
arts + ents
Sport
Laura Trott with her gold
Commonwealth GamesJust 48 hours earlier cyclist was under the care of a doctor
Arts and Entertainment
Gal Gadot as Wonder Woman
arts + entsFilmmaker posted a picture of Israeli actress Gal Gadot on Twitter
News
Bryan had a bracelet given to him by his late father stolen during the raid
people
Arts and Entertainment
Chris Pratt stars in Guardians of the Galaxy
arts + ents
Arts and Entertainment
Pedro Pascal gives a weird look at the camera in the blooper reel
arts + entsPrince Oberyn nearly sets himself on fire with a flaming torch
News
Danny Nickerson, 6, has received 15,000 cards and presents from well-wishers around the world
newsDanny loves to see his name on paper, so his mother put out a request for cards - it went viral
News
ebookA unique anthology of reporting and analysis of a crucial period of history
Sport
France striker Loic Remy
sportThe QPR striker flew to Boston earlier in the week to complete deal
News
Orville and Keith Harris. He covered up his condition by getting people to read out scripts to him
People
Arts and Entertainment
Zoe Saldana stars in this summer's big hope Guardians of the Galaxy
filmHollywood's summer blockbusters are no longer money-spinners
Arts and Entertainment
O'Shaughnessy pictured at the Unicorn Theatre in London
tvFiona O'Shaughnessy explains where she ends and her strange and wonderful character begins
Life and Style
Workers in Seattle are paid 100 times as much as workers in Bangladesh
fashionSeattle company lets customers create their own clothes, then click 'buy' and wait for delivery
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Training/Learning and Development Coordinator -London

£28000 - £32000 per annum: Ashdown Group: Training/Learning and Development Co...

Training Programme Manager (Learning and Development)-London

£28000 - £32000 per annum + benefits: Ashdown Group: Training Programme Manage...

Application Support Analyst / Junior SQL Server DBA

£40000 - £45000 per annum: Ashdown Group: An established professional services...

Senior Risk Manager - Banking - London - £650

£600 - £650 per day: Orgtel: Conduct Risk Liaison Manager - Banking - London -...

Day In a Page

A new Russian revolution: Cracks start to appear in Putin’s Kremlin power bloc

A new Russian revolution

Cracks start to appear in Putin’s Kremlin power bloc
Eugene de Kock: Apartheid’s sadistic killer that his country cannot forgive

Apartheid’s sadistic killer that his country cannot forgive

The debate rages in South Africa over whether Eugene de Kock should ever be released from jail
Standing my ground: If sitting is bad for your health, what happens when you stay on your feet for a whole month?

Standing my ground

If sitting is bad for your health, what happens when you stay on your feet for a whole month?
Commonwealth Games 2014: Dai Greene prays for chance to rebuild after injury agony

Greene prays for chance to rebuild after injury agony

Welsh hurdler was World, European and Commonwealth champion, but then the injuries crept in
Israel-Gaza conflict: Secret report helps Israelis to hide facts

Patrick Cockburn: Secret report helps Israel to hide facts

The slickness of Israel's spokesmen is rooted in directions set down by pollster Frank Luntz
The man who dared to go on holiday

The man who dared to go on holiday

New York's mayor has taken a vacation - in a nation that has still to enforce paid leave, it caused quite a stir, reports Rupert Cornwell
Best comedians: How the professionals go about their funny business, from Sarah Millican to Marcus Brigstocke

Best comedians: How the professionals go about their funny business

For all those wanting to know how stand-ups keep standing, here are some of the best moments
The Guest List 2014: Forget the Man Booker longlist, Literary Editor Katy Guest offers her alternative picks

The Guest List 2014

Forget the Man Booker longlist, Literary Editor Katy Guest offers her alternative picks
Jokes on Hollywood: 'With comedy film audiences shrinking, it’s time to move on'

Jokes on Hollywood

With comedy film audiences shrinking, it’s time to move on
It's the best of British art... but not all is on display

It's the best of British art... but not all is on display

Voted for by the British public, the artworks on Art Everywhere posters may be the only place where they can be seen
Critic claims 'I was the inspiration for Blanche DuBois'

Critic claims 'I was the inspiration for Blanche DuBois'

Blanche Marvin reveals how Tennessee Williams used her name and an off-the-cuff remark to create an iconic character
Sometimes it's hard to be a literary novelist

Sometimes it's hard to be a literary novelist

Websites offering your ebooks for nothing is only the latest disrespect the modern writer is subjected to, says DJ Taylor
Edinburgh Fringe 2014: The comedy highlights, from Bridget Christie to Jack Dee

Edinburgh Fringe 2014

The comedy highlights, from Bridget Christie to Jack Dee
Dame Jenny Abramsky: 'We have to rethink. If not, museums and parks will close'

Dame Jenny Abramsky: 'We have to rethink. If not, museums and parks will close'

The woman stepping down as chair of the Heritage Lottery Fund is worried