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GUILTY PLEA ENTERED. By NICHOLAS LEESON, 28, former futures trader whose billion dollar losses brought down Barings investment bank; to fraud and forgery with the intention to commit fraud; in Singapore. The sentence: 6 1/2 years in prison: a Singaporean prison...
Nicholas Leeson, the man accused of singlehandedly destroying one of Britain's oldest investment banking firms, has decided to drop his efforts to avoid returning to Singapore for prosecution. Leeson, 28, fled Singapore for Germany last February when news of his futures trading fiasco was revealed. According to Singaporean investigators, Leeson, who was the general manager of futures trading for Britain's Barings bank in Singapore, wiped out some $1.38 billion of the bank's funds in Asian futures markets. The loss was more than the 232-year-old investment institution could cover. Leeson was charged with eleven counts...
...govern if we let him off and not cane him? Can we then cane any other foreigner or our own people? We'll have to close shop. That's my view. I am an old-style Singaporean who believes that to govern you must have a certain moral authority. If we do not cane him because he is an American, I believe we'll lose our moral authority and our right to govern...
...circumstances of this affair -- evidently no Singaporean has ever been punished under the Vandalism Act for defacing private property -- suggest that Singapore has used Fay as an unwilling point man in a growing quarrel between East and West about human rights. Several large Asian countries, China among them, argue that the U.S. has no business criticizing their own, equally legitimate values. But Japan stresses majority rights too. So does Hong Kong. Neither is watering its economic miracle with the blood from a bamboo cane...
Allegations have arisen that Fay has been made a scapegoat, and that corporal punishment for his case is excessive even by Singaporean standards...