Coopers Fined Over Barings Audit

The accounting watchdog's appeals panel also handed down a £25,000 fine for Gareth Maldwyn Davies, the London partner responsible for the Barings audit.

The panel criticized Coopers & Lybrand London and Mr Davies for missing 'a crucial part of the broader picture' and found that their belief that Nick Leeson's activities 'posed little or no risk to the Barings Group' to be 'implausible'.

The appeals panel reduced the amount of the fine on Coopers from £1m and Mr Davies from £65,000.

The investigation, which started in 1996, has been expensive. Coopers & Lybrand were ordered to pay costs of £635,000 and Mr Davies £40,000.