Cover-up sealed the fate of Barings
Article Abstract:
The collapse of Barings could have been prevented if senior executives had not deliberately covered up indications of the problems being caused by the speculative trading of Nick Leeson, according to a report from authorities in Singapore. Barings greatly exceeded its capital exposure limits to a number of Asian exchanges, and the Bank of England also failed to take action against this. The report claims that Nick Leeson forged documents, altered accounts and submitted incorrect reports.
Publication Name: The Independent
Subject: Retail industry
ISSN: 0951-9467
Year: 1995
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Fraud office goes into Barings
Article Abstract:
An investigation into the collapse of merchant bank Barings is to be undertaken by the Serious Fraud Office (SFO), even though the Bank of England had requested that the SFO make no moves until the bank has been sold. There are now open rifts between Barings directors, and it has been publicly admitted that insufficient monitoring allowed trader Nick Leeson to undertake very large speculative trades.
Publication Name: The Independent
Subject: Retail industry
ISSN: 0951-9467
Year: 1995
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