LARGE SUM CLAIMED.

Press, Volume LXVI, Issue 20095, 26 November 1930, Page 11

LARGE SUM CLAIMED.

SEQUEL TO BANK-NOTE FRAUDS (i"i::ted PSK33 association—ns klectri t TKI.EGBAJ'II COyYHIOHT.) LONDON. November 21. As a sequel to the Portuguese banknote frauds in 1925. the Bank of Portugal is suing Messrs Waterlow and Sons, London, printers, in the King's Bench Division, claiming £l,llu,(XX). The bank's oounsel said that a Dutchman named Marang. who was later discovered to be a member of a gang of international forgers, went to Waterlow and Sons with a letter ot introduction from a Dutch firm. He saw Sir William Waterlow (ex-Lord Mayor ot London), then chairman, and told a story which the bank sub mitted was incredible, and revealed a plot so full of leaks and holes that it was amazing to find it successful. Marang said a group of financiers had decided to assist the Portuguese colony in Angola, which was financially embarrassed. He produced documents, which turned out to be forgeries, authorising a Dutchman named Reis, on behalf of the syndicate, to print notes of a face value of £2.000,(XX), and also the Bank of Portugal's authority therefor. Specimen notes attached to the documents showed portraits of the noet Devos.

Water lows pointed out that another firm had printed them, and Marang said the Vasco da Gama notes Waterlows printed for the bank would be acceptable Marang impressed Waterlow's with the need for secrecv. and all correspondence with the Bank of Portugal, except one letter, passed through Marang, who. with his associates, forged the replies.

Meanwhile Waterlow's agent in Lisbon warned the London house that the Bank of Portugal had not authorised the issue of colonial notes, and also that many rumours were current, regarding which it was unsafe to write: but Waterlow's ignored the warning, and delivered the notes, after which Marang ordered a further £7500 All were printed in a series identical with the authorised issue, resultina in the bnnk l>eing ble to distinguish them Not all the 550.C00 notes printed were circulated, but the bank "aid Marang't. note= to the value of £1.700.000 Even tua'lv it was forced to withdraw the who'e of the Vaeco da Gama issue Counsel added Rei~ and another were sentenced at Lisbon to 2.5 years' transportation. Marrne had been sen tencerl to two years' imprisonment at The Hague, but in the meantime had disappeared. The case was adjourned.