Was senior management at Barings aware that there was a problem at BFS? Explain
What will be an ideal response?
There is strong evidence that Barings' top management knew that something was wrong at BFS. SIMEX wrote to Barings in 1993 to report a minor fine imposed on Leeson because of trading violations. In that letter, SIMEX specifically mentioned the 88888 Account.
A second letter was sent on 11 January 1995 . In it, SIMEX also mentioned the 88888 Account and also informed Barings' management about the lack of information coming from BFS. It cautioned Barings that BFS might be violating a SIMEX rule that forbade clearing members from funding customers' variation margin payments. The final letter from SIMEX was sent on 27 January 1995 . It asked for assurances that Barings would be able to meet future variation margin requirements. Finally, when auditors finally came to Singapore after Leeson had fled, it took them almost no time to discover the deceit. Such quick results imply that headquarters had some inkling about the problems Leeson was brewing at BFS.
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