Barings bosses not to be charged
Friday 14 June 1996
The Singapore government's Commercial Affairs Department said yesterday that there were "insufficient grounds" to bring charges, bringing its 15-month investigation into Barings, now owned by Dutch financial group ING, to a close.
Mr Bax was unavailable for comment. George Lim, the lawyer representing Mr Jones, said: "He [Jones] has always asserted his innocence."
Two other people investigated who will not face criminal proceedings are Edmund Wong, a director of Contact Software Engineering, which supplied Barings' computerised settlement system, and Daniel Argyropoulos, a close friend of the jailed Leeson and a trader with FCT (Singapore).
There has been strong speculation in Singapore that Mr Argyropoulos might be charged with helping Leeson in his unauthorised trades.
"After careful consideration of all the evidence, the Commercial Affairs Department has recommended to the attorney-general that there are insufficient grounds to bring criminal charges against them," a spokesman said. The findings have been accepted by Chan Sek Keong, the attorney-general.
The investigation began immediately after the Barings collapse, which was caused by Leeson's unauthorised trading in Asian futures and options that plunged the bank pounds 860m into the red.
The inquiry intensified last autumn following a report from inspectors in Singapore that partly blamed Barings managers for the collapse.
The report accused senior managers at Barings with covering up losses on some of the trades made by Leeson, who is serving six and a half years in jail, and preventing internal auditors from probing them.
It specifically mentioned Peter Norris, head of investment banking in London, and Mr Bax, who had his passport confiscated by the Singapore authorities.
The Barings affair has yet to come to a complete close, however. Price Waterhouse, the liquidators of Baring Futures (Singapore), is suing two leading accounting firms for pounds 460m each, alleging negligence prior to the collapse of the bank.
The accounting firms Coopers & Lybrand Singapore and Deloitte & Touche said last week they would fight the allegations by BFS liquidators Price Waterhouse.
- 1 Green village to be bulldozed and mined for lignite in Germany's quest for non-nuclear fuel
- 2 HeForShe campaign: Iceland to follow up Emma Watson speech with UN women's rights conference – for men only
- 3 Car tax disc changes: Two days to go - and they affect you much more than just not displaying a piece of paper
- 4 Teenagers irritable because early school hours mess with their biological clocks
- 5 Now we know whose fault it is if you end up being murdered in Thailand
Isis could become 'world’s first truly terrorist state' and bomb UK with nuclear and chemical weapons, Theresa May warns
Car tax disc changes: Five facts you never knew about your (almost obsolete) tax disc
Five-year-old Iris Grace is raising awareness of autism through her extraordinary paintings
Isis an hour away from Baghdad - with no sign of Iraq army being able to make a successful counter-attack
The Aral Sea: Nasa pictures show how what was once the fourth largest lake in the world has become almost completely dry
Isis, we are told, is a 'clear and dangerous threat to our way of life'. I’m sorry, but I just don’t buy it
Exclusive: 'Putin's Russia has been my biggest regret,' says Nato's outgoing Secretary General
The Osborne Ultimatum: Chancellor’s benefits freeze bombshell will affect ten million households
There’s no excuse for Dave Lee Travis’s behaviour, but we need to keep a sense of proportion
Should gay sex be illegal? 16% of Britons think so
Mark Reckless becomes second Tory MP to defect to Ukip in a month
- < Previous
- Next >
iJobs Money & Business
£18000 - £23000 per annum + Commission: SThree: Real Staffing are currently lo...
NEGOTIABLE: Austen Lloyd: TRUST ACCOUNTANT - KENTIf you are a Chartered Accou...
£18000 - £20000 per annum + OTE £30000: SThree: SThree are a global FTSE 250 b...
Highly Competitive Salary: Austen Lloyd: CITY - Law Costs Draftsperson - NICHE...