PracticeAccounting FirmsBarings: Deloitte acted negligently

Barings: Deloitte acted negligently

A High Court judge has ruled that Deloitte & Touche was negligent in its audit work at the Singapore arm of merchant bank Barings, which collapsed in 1995 following the rogue trading of Nick Leeson.

Link: Barings case against Deloitte begins

Justice Evans-Lomb, in the High Court in London today, ruled that Deloitte Singapore was liable in its audit work for Barings Futures (Singapore) for the years 1992 and 1993.

The amount of damages Deloitte will have to pay in respect of this judgement has not yet been decided, but will be determined in due course, said Barings’ liquidators KPMG.

Barings Bank collapsed in 1995 amid unauthorised transactions in excess of £800m by rogue trader Nick Leeson.

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