Contact: Oriana Pound
Deloitte Touche Tohmatsu
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Singapore, October 17, 2003 — In the long-running Barings case, the High Court today re-enforced its earlier finding that officers of Barings Bank, rather than Deloitte & Touche Singapore, were responsible for the failure to detect the fraudulent trading by Nick Leeson which ultimately brought about the collapse of the bank in 1995.

Of the £791 million lost by Leeson, Mr. Justice Evans-Lombe's latest ruling means that Deloitte & Touche Singapore is responsible for approximately £1.5 million.

At a further hearing to be scheduled for later this year the firm will contend that the Court should order the liquidators of Barings to pay Deloitte & Touche Singapore's legal costs. Such an award is likely to greatly exceed the value of the Judgment.

About Deloitte
Deloitte Touche Tohmatsu is an organization of member firms devoted to excellence in providing professional services and advice.  We are focused on client service through a global strategy executed locally in nearly 150 countries.  With access to the deep intellectual capital of 120,000 people worldwide, our member firms (including their affiliates) deliver services in four professional areas:  audit, tax, financial advisory services, and consulting. Our member firms serve over one-half of the world’s largest companies, as well as large national enterprises, public institutions, and successful, fast-growing global growth companies.

Deloitte Touche Tohmatsu is a Swiss Verein (association), and, as such, neither Deloitte Touche Tohmatsu nor any of its member firms has any liability for each other’s acts or omissions.  Each of the member firms is a separate and independent legal entity operating under the names “Deloitte,” "Deloitte & Touche," "Deloitte Touche Tohmatsu," or other related names.  The services described herein are provided by the member firms and not by the Deloitte Touche Tohmatsu Verein.  For regulatory and other reasons certain member firms do not provide services in all four professional areas listed above.