A BIG CLAIM

Hokitika Guardian, 25 November 1930, Page 5

A BIG CLAIM

BANK NOTES FRAUD,

[United Pres* Association.—By Electro Telegraph .—Copyright. ]

(Received this day at 1.3 p.m.) LONDON, November 24/

As a sequel to the Portuguese Bank { note frauds of 1925, the- Bank .of i Portugal is suing Waterlow and Sops, London, printers in the, Kings Bench claiming £1,115,009 sterling. The Bank’s counsel said a Dutchman named Marang, who was later discovered to be a member of a, gang .of international forgers went to Waterlow with a letter of introduction from a Dutch .firi|i. He saw Sir Wm, AVaterlnw, ex-Lord Mayor of London, the then Chairman-, and told a story which the. Bank submitted was incredible. . ■ i > ri ' He revealed a plot so full of leaks and holes that it was amazing to find it was successful.

Mr Marang said a group of Dutch financiers had, decided to assist the Portuguese colony of 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 two millions; and also the Bank of Portugal’s- authority therefore.- A specimen of the notes was attached. .The documents showed,.,-'portrait# of the poet Devos, ■' '■ ■ i■. ,

g- Waterlow pointed out another firm had printed thenu , ' - ' - : • Marang said Vasco De Gama notes .'that .Waterlows hod printed for the bank would be acceptable. '-. Marang Impressed on Waterlows the need for * secrecy. - All correspondence with‘ the Panic of Portugal, except, one letter, passed through Marang, who with his associates, forged- replies. ~ . y ... v , v;: : ; Meanwhile . Waterlow ! s agent in London warned the London house that the Bank of Portugal had riot authorised the issue,of- colonial notes. Also, that manv mmourts, were current regarding . which ,it was unsafe to wife, but Waterlow ignored the warning and delivered the, notes, after which Marang ordered a further 7500 sterling. All ; the.printed, series .were identical with the authorised is»ue f resnßtog,, the Bank being unable,to distinguish them!'' Not all the 5,805,000 notes * printed were circulated, but the Rank paid Marnng’s notes to a value of £1.706,000., ) -yU.H tJA ■/ , 1 Eventually they were forced to. wU[idraw the whole of the Vasco De Gama wsiie.’ .v. - Counsel, added that Reis and another were sentenced at Lisbon to twenty-five years transportation. Marang had been sentenced to two year? y imprisonment at Hague, hut in the meantime had disappeared. The case was adjourned.: , ~j;