D&T lawyers slam Leeson's old boss
Lawyers for Deloitte & Touche yesterday challenged Simon Jones, the former finance director of Barings' Singapore arm, in the High Court as the firm attempts to strike out a negligence claim against it.
Deloittes audited the Barings Singapore branch from 1992 and 1993 just before the merchant bank collapsed in 1995 with debts exceeding £800m due to unauthorised trading by rogue trader Nick Leeson.
The Big Five firm is trying to dispute any negligence by claiming that ‘representation letters’ signed by Jones, Leeson’s former boss, were fraudulent because they omitted disciplinary actions taken against both Leeson and the bank.
Lawyers for Deloittes claim that at the time information such as Simex, the Singapore futures exchange, fining Barings Singapore was crucial to auditors. This was omitted from the ‘letters’, said Jonathan Gaisman QC, acting for Deloittes.