Errors that let Leeson ruin bank
Article Abstract:
Senior managers of Barings failed to take any action to stop the derivatives speculation being undertaken by Nick Leeson in Singapore, even though they received a number of warnings, according to confidential documents being analysed by investigators into the bank's collapse. No steps were made to ensure that the large sums of money being sent out to fund the Singapore trading matched client accounts or the bank's own positions as report by Leeson. It therefore appears that the bank's collapse was due to incompetence and negligence.
Publication Name: The Independent
Subject: Retail industry
ISSN: 0951-9467
Year: 1995
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SFO launches inquiry amid witch-hunt
Article Abstract:
The decision of the Senior Fraud Office (SFO) to undertake an investigation into the collapse of merchant bank Barings has come at a time when the bank's senior executives are already in conflict about who was responsible for the collapse. This is hampering efforts to conclude the sale of the business. Barings is already carrying out an internal investigation, and at present attention seems to be focused on Peter Norris, head of Barings Securities, and Ronald Baker, head of the Financial Products Group.
Publication Name: The Independent
Subject: Retail industry
ISSN: 0951-9467
Year: 1995
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