PracticeAccounting FirmsBarings hearing to focus on former FD

Barings hearing to focus on former FD

Preliminary hearings on the multimillion pound Barings case begin on Monday and will shape the future of the case against former co-auditors Deloitte & Touche.

The hearing will focus on the role played by Simon Jones, former FD of Barings Singapore, and is expected to last two weeks.

The full trial will begin in mid-April. Progress in the case will also depend on a Court of Appeal hearing in which KPMG, liquidator for Barings, is appealing against a High Court ruling in favour of Deloittes.

In November 2001 the High Court ruled that two former Barings companies were unable to make a claim against Deloitte & Touch Singapore. KPMG had hoped to retain the claims against Deloittes by Barings plc and Barings Securities Ltd, now part of Bishopscourt (BS) Ltd in London, as an alternative to the claim being perused by Barings Futures (Singapore) Pty Ltd.

After a series of failed attempts, Coopers & Lybrand, former group auditors to Barings and now part of PricewaterhouseCoopers, brokered a settlement deal with KPMG in October for an undisclosed sum.

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