Bcci And Capcom Financial Services

EDM number 837 in 1991-92, proposed by Brian Sedgemore on 10/03/1992.

That this House notes that the Securities and Investment Board carried out a section 105 Financial Services Act investigation in 1988 and 1989 into Capcom Financial Services Ltd and Futures Advisory Services Limited; notes that the Securities and Investment Board passed on their report to the Bank of England in the form of an affidavit by I. C. Watt of Peat Marwick McLintock in the spring of 1989; notes that the report deals with the massive fraud of Syed Akbar, who until 1986 was chief trader in the Treasury division of BCCI and the person mainly responsible for disclosed losses of $225 million at BCCI in 1985-86; notes that according to the report Capcom was set up to deal with futures business either for BCCI's own account or on behalf of its clients; notes that the report makes a nonsense of the claim of the Bank of England that they have no reason to believe that there was large scale fraud at BCCI until they received the section 41 report from Price Waterhouse in 1991; believes that Parliament and the public have been misled on this issue; and notes that the honourable Member for Hackney South and Shoreditch intends to provide Lord Justice Bingham with a copy of the section 105 report.

This motion has been signed by a total of 23 MPs.