NatWest Finds Lax Internal Controls As Factor Behind Concealed Losses

- By FX Markets Staff
- @FXMarkets_
- 14 Jul 1997

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The results of NatWest Markets' independent investigation into the £77 million options trading loss caused by former bank trader Kyriacos Papouis, concludes that Papouis deliberately concealed the loss by mispricing his books over a two-year period. The independent investigation was conducted by Linklaters & Paines and Coopers & Lybrand.

Moreover, the report says Papouis' concealment was made possible by operational weaknesses and lax internal controls at NatWest's interest rate options group in

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