It began life as a merchant house, but soon developed into financing other merchants, becoming a fully-fledged bank.
I was the rising star. Founded inBritish merchant bank Barings held an account belonging to the Queen. He then went on the run. With a global manhunt underway, Leeson surprised everyone by turning up at Frankfurt airport several days later. He then began a nine month battle to avoid extradition to Singapore, which failed.
Almost a year after fleeing Singapore, Leeson landed at Changi airport escorted by security. Wearing gym gear and a baseball cap turned back to front, he looked relaxed.
He was charged with forgery and fraud in relation to the collapse of Barings. Nick Leeson arrives in Singapore, 23 November At his trial at Singapore District Court, Leeson, who had been held at Tanah Merah maximum security prison, admitted charges of forgery and cheating.
Presumably in an attempt to play the sympathy card, his lawyer told the court that Leeson had said his wife had suffered a miscarriage and that Leeson was financially ruined. The Guardian, 2 December The risk of a longer prison sentence put Leeson off appealing, instead he served four years in a Singapore jail.
During his spell in prison he was diagnosed with colon cancer for which he received treatment. InLeeson was freed and enjoyed champagne and smoked salmon on the flight back to London with British journalists.Barings Banks was a British merchant bank that collapsed in after one of its traders, yeaer-old Nick Leeson operating in its Singapore office, lost $ billion in unauthorized trades.
Founded in , Barings was the oldest merchant bank in Britain before its collapse in The year-old bank was brought down single-handedly by its employee, Nicholas William Leeson, better known as Nick Leeson, a derivatives trader.
Twenty years ago, Nick Leeson caused the collapse of Barings, the City’s oldest merchant bank and banker to the Queen. Feb 23, · The story of Barings, which was Britain’s oldest merchant bank, is a classic example of how hubris, weak oversight, and a lack of internal checks and balances can bring a company down.
The Collapse of Barings Bank Founded in , Barings Bank was a United Kingdom institution with worldwide reach. Even the Queen of England had an account there.
As for Barings, it become part of ING, the Dutch bank paying £ for it in Many of Leeson’s former colleagues lost their jobs. Barings’s investors also lost out.