Peter Norris, the company’s Chief Executive Officer in London called Ron Baker and mentioned about the 7.78 billion yen. Peter asked Ron whether he had aware that they had lent some money to a broker in Singapore which Ron had no idea with. He was just shocked by it. Ron Baker went to find Mary Walz and they phoned Peter back. Ron told Peter he was so angry because he could not believe the story. Walz told Peter and Ron that she had spoken to Nick Leeson earlier and Nick told her it was “an accounting screw-up” and that Tony Hawes was ‘ all over Nick about it’. Walz and Ron called up Tony Hawes and Tony Railton and told them to go Singapore to sort out the mess. Although the audit had been cleared, they were worried about the cash flow. Ron Baker then called James Bax to find out what had happened with the 7.78 billion yen and why Nick was doing completely unauthorized OTC trades. James knew that the audit had been passed and thus, the money must be back in the Barings account. James told Ron it was only a non-transaction and it was an error and also asked Ron does not worry about it.