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Barings affairs: Top Tories involved, says Leeson
LONDON Mar 5 Nick Leeso" i be ZH vear old trader alleged to have triggered the collapse of Barings Bank fears for his life If extradited to Singapore and has threatened to implicate lop British con servatives in the scandal press reports said here today, report AFP. AP
Leeson is currently being held In Germany pending a hearing on an extradition re quest from Singapore, where he worked as a futures trader for Barings
His aggressive dealing in derivatives is suspected of hav mg forced the institution. Britain s oldest merchant ba nk into receivership last week with debts and losses esti mated at around a billion dollar
Singapore authorities have accused him of forging ac counts in order to deceive his employers and trading part tiers
Border police at Frankfurt Airport who had detained Leeson when he arrived Thursday from Malaysia welcomed the Singaporean officials who came with a international warrant for his arrest
Their next step was to present the documents to the federal government in Bonn. Tlien the papers would be sent to a magistrate tn Frankfurt, where Leeson 28. would appear tor the first hearing in whal could be a months-long process
The charges in the international warrant have not been revealed, but Frankfurt's chief prosecutor. Heinz-Hermann Eckart, said a copy of the war rant mentioned passport falsi flcatlon and mishandling of funds A national warrant valid only in Singapore said Baring and Brothers Co. the bank for which Ix-eson worked, had accused him of forgery
Nick is petrified. the Sunday Mirror said, quoting comments made by a friend of his. He knows if he goes back there he will be a marked man He genuinely believes he will be killed.
Another paper The People reported that Leeson had also threatened to implicate lead ing members of Britain a ruling Conservative Party
Il said he had told his public icialions agent. Max CI Ilford i hat the Barings affair
was "a political scandal in the making as Top Tories and supporters of the government were fully aware of what was being done
There is also growing evl dence that Barings knew about Leeson's risky dealing. Ignored warnings of a possible disaster, and may have misled the bank of England when it asked for help in putting together a res cue package Iasi weekend
The Observer newspaper reported that the New York brokerage office of Barings was threatened with closure by American regulators last year because of serious failures in management
Barings Insiders were quoted by the paper as saying thia was another example of the bank s lax supervision of its overseas operations, which allowed Leeson to bust Barings
A report released Saturday from accountants Price Water house in Singapore said Ba rings head office in London transferred 890 million dollars In January and February in mandatory up front money to back Leeson s future bets
But the Sunday Telegraph said bankers in London 'are insistent' that a total of 800 million pounds was transferred to Singapore. It quoted top financial sources as saying the money had been sent from London to Singapore and special account opened in the Cayman Islands tax haven which covered Leeson's dealings In the Japanese city of Osaka.
The huge transfers to Singapore from Barings head office in London represented more than twice the bank's capital, estimated at around 350 million pounds.
The 1987 Banking Act prohibits banks from putting more than 25 per cent of their money into any single basket' without authorization from the Bank of England's supervisory committee.
It appears unlikely that Barings sought such permission because Bank of England Governor Eddie George said at the time’ of Barings collapse that bank executives told him they had not known they had a problem until Feb. 23.
Investigators in Singapore said Saturday that Barings was warned seven months ago that Leeson held too much power JKith loo little-, supervision. They also made puSnc a Teller showing Barings " i* told of the potential problem as far back as 1992.
Administrators look over the bank on Feb. 27 after the Bank of England couldn't put together a rescue package. Leeson is believed to have lost at least 625 million pounds by wrongly betting that Tokyo stock prices would rise last month.
The Sunday Mirror quoted an unnamed friend of Leeson’s In high finance as saying Nick is clear that his losses were nothing like that. He is responsible for around 150 million pounds. The rest is not down to him.''
The Sunday Telegraph meanwhile said the US financial institution Merlll Lynch and Swiss Bank Cor|uion were considering mukhu- »i-
fers to acquire Barings.
The Sunday Times reported that Nat West markets, the investment arm of the national Westminster Bank, could also make known its Interest in Barings this week.
Barings administrators Ernst and Young on Saturday confirmed that they were In contact with the Dutch Bank ABN Amro and the US trading firm Smith Barney, who have put together a joint offer.
But Ernst and Young have also said they are still talking with another Dutch institution, the Financial Services Group (ING). /
Citing sources close to the negotiators, the Sunday Times said "ABN Is thought to be making a more favourable offer than ING," which has offered to acquire Barings for a symbolic pound sterling while assuming all Its debts.
The paper added that fl nancial analysts in Britain 'were pessimistic about the chances of success, for ING.