Software change triggered collapse
Article Abstract:
A change in the software used at the Baring Futures operation in Singapore allowed Nick Leeson, senior floor trader and general managers responsible for the back office, to cover up losses which eventually amounted to 827 million pounds sterling, according to a report into the collapse of Barings. Managers at the Barings operation in London were unaware of the existence of a secret account until only a few days before the bank collapsed. The report concludes that a lack of full information makes it impossible to assess whether there was misappropriation of funds.
Publication Name: The Independent
Subject: Retail industry
ISSN: 0951-9467
Year: 1995
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A copper-plated scandal
Article Abstract:
Indications of fraudulent copper trading at Sumitomo Corp, Japanese industrial and trading concern, first came to light in 1991, when metal trader Yasuo Hamanaka requested a London metal dealer to assist in falsifying invoices for copper traders. No firm action was taken at that stage against Sumitomo, despite complaints from the London dealer. Investigations are now underway to establish whether Hamanaka acted alone or whether top Sumitomo executives were aware of the fraud.
Publication Name: The Independent
Subject: Retail industry
ISSN: 0951-9467
Year: 1996
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Sumitomo faces fresh claims it knew of losses
Article Abstract:
Criminal investigations are now being undertaken in the UK and the US into losses of $1.8 billion made on copper trading by Yasuo Hamanaka, an employee of Sumitomo Corp. It has been claimed that senior officials at the company were aware of the trading accounts concerned for some time. A civil inquiry is also being undertaken at the same time by the Commodities Futures Trading Commission (CFTC), which is looking at Sumitomo's links with a number of other trading companies.
Publication Name: The Independent
Subject: Retail industry
ISSN: 0951-9467
Year: 1996
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