Leeson brief to see liquidators

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The Independent Online
ERNST & YOUNG, the Barings liquidators, are seeking an urgent meeting with Nick Leeson's lawyer Stephen Pollard to discuss the sharing of the spoils from Mr Leeson's deal with the Daily Mail and royalties from Rogue Trader the film account of how Mr Leeson brought down Britain's most illustrious merchant bank.

Mr Leeson arrived back in London on Sunday to find his assets frozen, save for a monthly allowance of pounds 5,000 to cover medical and legal expenses and basic living costs.

The liquidators, Nigel Hamilton, Maggie Mills, and Alan Bloom are eager to counter the impression that Mr Leeson is profiting from interest in the affair at the expense of bondholders who are still pressing for the pounds 200m they lost at the time of collapse to be repaid.

Mr Pollard said the order obtained by Ernst & Young last week "merely formalised the cooperation that was already there". He said Mr Leeson had already made clear that anymoney left over after reasonable medical and legal costs would go to the creditors.

Ernst & Young already have a court order against Mr Leeson for pounds 100m of damages but expect litigation against Coopers & Lybrand, Barings auditors in the UK and Singapore and Deloitte & Touche, also in Singapore, to be the most fruitful source of funds to meet creditors' outstanding claims.