SFO dashes Leeson's hope of a British trial

The Serious Fraud Office yesterday confirmed that it would not be seeking the extradition to the UK of Nick Leeson, the former Barings trader.

In a statement the SFO said: "At his request the SFO interviewed Mr Leeson under caution over a period of six days ... The interview did not substantially add to the information already discovered in the course of earlier investigations."

"Having considered the matter," it went on, "the SFO has not altered its view that Singapore remains the principal jurisdiction for a criminal prosecution, notwithstanding Mr Leeson's stated wish to be tried in the UK. Consequently the SFO has decided not to put in an application to the German authorities for Mr Leeson's extradition."

It is thought the SFO came to this conclusion at the end of its interviews with Mr Leeson last week but that it withheld its official statement in order to give Mr Leeson's solicitor, Stephen Pollard, the chance to put further arguments to it.

Mr Pollard accused the SFO of "bowing to political pressure". He said the SFO "had all the evidence it needed", yet it had chosen to send his client to Singapore to face lesser charges. He promised to "battle to overturn" what he described as an irrational decision.

On Tuesday Mr Pollard criticised the SFO for adopting a "dishonest" position on the Leeson case. "They say that they believe that he should be tried in Singapore. However, if the Singapore request fails they will try him anyway. Either the evidence is such that he can be tried here (which it is) or it is not. They cannot have it both ways," Mr Pollard said.

Mr Leeson's team will now turn its attention to the difficult task of trying to persuade the German authorities to turn down the extradition request from Singapore. Their decision is expected next month, and Mr Leeson is likely to appeal if it goes against him.