Barings `knew of rogue deals'

The Independent - London | March 1, 1995| | Copyright

There was growing evidence last night that London officials of the collapsed City bank, Barings, knew one month ago about the ruinous dealings of Nick Leeson, its rogue futures manager in Singapore, but failed to act.

Investigators believe "emergency" or "fast" funding worth as much as $70m ( pounds 44m) was arranged by the bank's London treasury department to allow Mr Leeson, 28, to meet desperate margin calls on his positions.

Mr Leeson, whose transactions broke the bank, wrote to its London treasury department one month ago to confirm the arrangements. Peter Baring, the bank's chairman, has ...

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