The trader accused of bringing down Britain's oldest investment bank by betting the wrong way on the Tokyo market will fight extradition by citing Singapore's human rights record, his lawyer said Friday.
About $1 billion in trading losses rung up by Nicholas Leeson, 28, drove Baring Brothers and Co. into receivership last week. Leeson lived in Singapore and worked for Barings there.He was ordered by a Frankfurt court to remain in pre-extradition custody. He and his 23-year-old wife, Lisa Simms, were arrested Thursday morning at Frankfurt's airport following a flight from Malaysia. His wife has since been released and gone to Britain.
The ruling by the Frankfurt court came after three Singapore officials delivered an arrest warrant and extradition request for Leeson, who disappeared last week when the Barings losses became known.
The warrant, based on a complaint by the bank, charges Leeson with "forgery for the purpose of fraud" and carries a maximum sentence of seven years in prison, a Singapore official said.
In the warrant, Singapore authorities allege that Leeson forged a document, confirming a payment of $81 million by a non-existent client, German television reported.
The alleged forged document indicated a U.S. client paid a large sum worth millions of dollars into an account with Citibank in the name of Baring Futures, according to a report Friday in the London Evening Standard.
Neither prosecution nor defense attorneys commented on the reports Friday.