Criminal Probe Ends In Barings Collapse

Singapore has dropped its criminal investigation into two former Barings executives, saying Thursday there was insufficient evidence to charge them in the collapse of Britain’s oldest investment bank.

The announcement by the Commercial Affairs Department of Singapore’s fraud squad marks the final chapter in the criminal portion of the debacle blamed on rogue trader Nick Leeson.

Leeson was sentenced in November to 6-1/2 years in a Singapore jail for making unauthorized trades that led to losses of $1.38 billion, which put the 232-year-old Barings out of business in February 1995.

The Commercial Affairs Department said it is closing its investigation of James Bax, former managing director of Baring Futures Singapore, and Simon Jones, the company’s former director.

Liquidators of Barings and Baring Futures Singapore continue to pursue a set of civil cases in London and Singapore to recover losses against two auditing firms and several individuals.