BANKING & FINANCE - March 4, 1996

Barings Trader Said to Have Cash in German Accounts: The rogue trader who broke Britain’s oldest bank has as much as $39 million stashed away, the Sunday Times of London reported. Nick Leeson, serving a six-year sentence in Singapore after pleading guilty to fraud and forgery in November, has the accounts in three German banks, the paper said. The Times quoted “Project Kestrel,” a report on an investigation conducted for professional asset hunters, as saying the accounts add up to $39 million. The newspaper did not name the investigators, but British shareholders in Barings have been seeking funds to compensate for their losses.