Relations sour in Leeson case
Monday 15 May 1995
Relations have worsened dramatically between the Bank of England, the Serious Fraud Office and the Singapore authorities as a result of the Barings' collapse. Sources in London claim there is frustration at the lack of co-operation from the Singapore authorities, who are not releasing vital evidence on the activities of Nick Leeson, the Singapore-based trader whose derivatives speculation provoked the merchant bank's collapse in February.
There is a suspicion within the Bank and the SFO that the Singapore authorities are stalling on assistance until they have secured Leeson's extradition from Germany. They appear determined to get the body before they do anything helpful, said a source.
The SFO is still reeling from the recent refusal by the Singapore High Court of its request to see Barings' documents . It has lodged an appeal, but is resigned to this not being heard for several months.
The Bank, which is conducting its own semi-judicial enquiry into the collapse of Barings, has also run into foot-dragging. If the Bank is to honour its commitment to publish its report on Barings next month, this risks being based on severely incomplete evidence, since much of the key information remains with the Singapore authorities.
The SFO is believed to be near the end of its enquiries in London, and has found nothing that would support a case to extradite Nick Leeson to Britain. "Much of what we need to see is in Singapore," a source said.
Mr Leeson faces 12 charges of fraud and cheating, each carrying a possible seven-year sentence under Singapore law.
Meanwhile, the Seoul branch of Barings Securities hopes to resume trading this month following the suspension of operations on 27 February. Gareth Evans, branch manager, said preliminary approval to resume trading was given on Saturday by the Ministry of Finance and Economy.
The branch, to be renamed Barings Securities International, will be a separate legal entity and take over all the assets of the former branch, which traded as Barings Securities.
- 1 If you're not already angry about the refugee crisis, here's a history lesson to remind you why you really should be
- 2 Moscow voted the world's unfriendliest city
- 3 Idris Elba is ‘too street’ to play 007, says James Bond author
- 4 Pansexual: What is it - and when did the term gain popularity?
- 5 I'm pansexual – here are the five biggest misconceptions about my sexuality
Bono's group has made more money from Facebook investment than from all his music
Miley Cyrus calls out hypocrisy of women’s nipples being taboo
Auschwitz museum defends mist showers installed during heat wave after visitor complains they are reminiscent of gas chambers
More than 11,000 Icelanders offer to house Syrian refugees to help European crisis
Nazi 'gold train': Fire engulfs suspected location of vehicle in Poland
Climate change: 2015 will be the hottest year on record 'by a mile', experts say
Jeremy Corbyn calls Osama bin Laden's killing a 'tragedy' - but was it taken out of context?
Tony Blair attacks Jeremy Corbyn's 'Alice In Wonderland' politics
Theresa May says migrants should be banned from entering the UK unless they have jobs lined up
Iain Duncan Smith 'should resign over disability benefit death figures', says Jeremy Corbyn
UN investigating British Government over human rights abuses caused by IDS welfare reforms
iJobs Money & Business
£20000 - £25000 per annum: Recruitment Genius: We are a vibrant and establishe...
£15000 - £20000 per annum: Recruitment Genius: An experienced Repayments Advis...
£25000 - £30000 per annum: Recruitment Genius: This leading provider of financ...
£20000 - £25000 per annum + competitive: SThree: Are you looking to take your ...