Barings 'knew of rogue deals.' (London officials of collapsed merchant bank Barings may have already known about ruinous trading activities of futures manager Nick Leeson)
Article Abstract:
Investigators looking into the collapse of merchant bank Barings believe that London officials of the bank could have known about the dealing problems caused by futures manager Nick Leeson in Singapore for several weeks but failed to take any action. It has been found that Leeson hid his position from auditors by setting up fictitious client accounts, but the London operation was aware that he had no important clients other than those supplied to him from London.
Publication Name: The Independent
Subject: Retail industry
ISSN: 0951-9467
Year: 1995
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Bank fails to rescue Barings
Article Abstract:
Merchant bank Barings, one of the oldest institutions in the City of London, will not benefit from a Bank of England rescue package to help it out of its financial difficulties. The bank has always been extremely profitable, but has been brought to the point of collapse by the illegal dealings of a junior trader at its Singapore office. The news of the bank's difficulties has caused great alarm on financial markets across the world.
Publication Name: The Independent
Subject: Retail industry
ISSN: 0951-9467
Year: 1995
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Dutch stage 1.6bn pounds sterling rescue of Barings
Article Abstract:
Collapsed merchant bank Barings is to receive an immediate cash injection of 660 million pounds sterling from Dutch banking and insurance group Internationale Nederlanden Group (ING), which will also meet all Barings' liabilities. Barings' staff will now be sure of receiving their 100 million pounds sterling bonuses for 1994, but it is not yet clear whether investors in Barings' bonds are safe.
Publication Name: The Independent
Subject: Retail industry
ISSN: 0951-9467
Year: 1995
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