In addition, Coppers & Lybrand, the external auditors, came in for severe criticism in the
official report, especially over their 1994 conclusion that the internal controls were
satisfactory. This observation is not easy to reconcile with the transparent lack of
segregation of duties as well as other glaring shortcomings within the Singapore
subsidiary. (As an aside, it transpired that a fax, supposedly confirming a vital transaction
but later found to be a forgery, was found in the Coopers & Lybrand audit files in Singapore.
It contained the header “From Nick and Lisa