SFA suspends Bax until 1998
Wednesday 26 February 1997
The move against Mr Bax, who was based in Singapore, is the last of the SFA's disciplinary proceedings against former Barings directors, although some appeals are outstanding.
The SFA said Mr Bax admitted that he had failed to request the authority to remedy weakness in the organisation of Baring Futures Singapore or draw sufficient attention of senior management to these matters.
He also admitted he did not deal with the "SLK receivable" transaction with sufficient promptness and firmness. The SLK was an unreconciled amount of 7.778bn (pounds 50m) identified by auditors of Baring (Futures) Singapore in January 1995 and reported to Mr Bax on 1 February 1995.
However, the SFA said it had taken into account the fact that Mr Bax did not appreciate the significance of the transaction.
He had no product responsibility for the proprietary trading activities of Nick Leeson, the trader who stacked up the pounds 800m of losses that broke Barings in 1995, the SFA said, nor did he have any knowledge of futures and options.
Richards Butler, the law firm acting for Mr Bax, said he denied any liability in the SFA proceedings.
Justin Bieber was one of the hardest hit
- 1 Nigel Farage: Me vs Russell Brand on Question Time – he's got the chest hair but where are his ideas?
- 2 Harry Potter fans can apply to the Hogwarts-inspired College of Wizardry
- 3 Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
- 4 Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
- 5 Orange Wednesdays are no more
Weather bomb in pictures: Storms cuts power for tens of thousands – and snow is on the way
Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
Russell Brand was rendered speechless on Question Time by this man
Fury at Airbus after it hints the super-jumbo may be mothballed
Disgruntled RBS worker writes hilarious open letter to Russell Brand after anti-capitalist publicity stunt leaves him hungry
Shock poll shows voters believe Ukip is to the left of the Tories
Nigel Farage's approval rating hits 'record low' as popularity suffers in wake of Ukip sex scandal
Nigel Farage defends Kerry Smith 'ch***y' comment: 'If you are going for a Chinese, what do you say you’re going for?'
Ukip candidate jokes about 'shooting peasants' in racist and homophobic rant
Pakistan school attack live: Taliban kill at least 132 children in 'horrifying' massacre
iJobs Money & Business
Up to £70,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...
Up to £65,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...
£32000 - £35000 per annum + benefits: Ashdown Group: Marketing Services Manage...
£Neg. (DOE) + Excellent Benefits: Guru Careers: A Finance Account Manager with...