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Sunday, July 4, 1999

Rogue trader Leeson due to leave Singapore 

REUTERS  
Singapore, July 3: Nick Leeson, the rogue trader who broke Britain's oldest merchant bank, is due to be freed from a Singapore prison on Sunday.

Braving a tropical storm outside the jail complex, a horde of international and domestic reporters and cameramen waited to glimpse the man who sank Barings Bank.

Leeson, 32, who is fighting colon cancer, is being let out early for good behaviour and is expected to return to England on a midnight flight.

Leeson broke Barings by burying under 1.4 billion dollars worth of debt during his high-flying days as a derivatives trader here.

In December 1995, Leeson was sentenced to six and a half years prison for fraud and cheating connected with his attempts to conceal his losses.

On Saturday, his lawyer Stephen Pollard dismissed reports Leeson had a huge hidden fortune waiting, the subject of huge media speculation in Britain.

Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.


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