SFA slated over Barings
Sunday 17 March 1996
"I think it beggars belief, frankly. I've looked at the SFA statement the right way up and I've looked at it upside down to try to make sense of it," said Jonathan Stone, head of the Baring Noteholders Action Group, which lost pounds 109m in the crash. "This ought to put the final nail in the coffin of self-regulation. This cosy old boys' network in the City should be brought to an end."
Mr Stone's group now intends to issue writs in April against Mr Baring, Mr Tuckey and other former executives.
In doublespeak worthy of the Scott report, the SFA on Friday said Barings' former top two "were associated with the failure to detect and prevent the losses", but it had found "no evidence that responsibility for the insolvency of the group can be attributed to their actions".
It is, however, still planning disciplinary action against nine other executives, which is likely to bar them from the City.
Ex-Barings trader Nick Leeson is now serving a six-and-a-half-year prison sentence in Singapore for reckless trading that ran up the losses.
Both the Bank of England and Singapore found that the bank had transferred pounds 760m - more than its entire capital base - to Singapore to fund Leeson's losses before the collapse.
Neither Mr Baring nor Mr Tuckey sat on Barings' key risk and credit committees, but they were chair and deputy chair of the executive committee responsible for the bank's operations, as well of the main board itself.
- 1 Tourist films plane's descent just metres above packed Caribbean beach
- 2 Indian woman creates 'Marriage CV' after parents put her on dating site: 'Definitely not marriage material. Won’t grow long hair, ever'
- 3 World Book Day: Boy 'excluded' from school after dressing up as Fifty Shades' Christian Grey
- 4 Bad Jews poster 'censored' on London Tube
- 5 Have sex with your iPad thanks to the new sex toy no-one asked for
Tourist films plane's descent just metres above packed Caribbean beach
Indian woman creates 'Marriage CV' after parents put her on dating site: 'Definitely not marriage material. Won’t grow long hair, ever'
Isis 'bulldozes' Nimrud: UNESCO condemns destruction of ancient Assyrian site as a 'war crime'
Professor Brian Cox brands astrology-believing Tory MP David Tredinnick an 'outlier on the spectrum of reason'
Lynch mob kills suspected rapist in India after dragging him naked for four miles through city
Nearly 100,000 of Britain's poorest children go hungry after parents' benefits are cut
Durham Free School: 'Creationism taught at' free school facing closure
End of the licence fee: BBC to back radical overhaul of how it is funded
Elif Shafak: Turkish author warns against rise of British nationalism
Most people think legal tax avoidance is just as wrong as illegal tax evasion, poll suggests
Nigel Farage promises Ukip will not 'stigmatise' would-be migrants – and says he wants 'everyone to speak the same language'
iJobs Money & Business
£13000 per annum: Recruitment Genius: This is an exciting opportunity to join ...
£25000 - £30000 per annum + benefits: Ashdown Group: A global leader operating...
£12 - £15 Hourly Rate: Jemma Gent: In this role you will report to the Head of...
£8 per hour: Recruitment Genius: This Pension Specialist was established early...