Jardine Fleming's Rogue Trader Scandal: Time Line

1970: Jardine Fleming Holdings of Hong Kong formed from two shareholders, Robert Fleming Holdings of London and Jardine Matheson, one of Hong Kong's business empires.

1982: Colin Armstrong, described in press reports as "an aggressive and successful trader", joins Jardine Fleming from Scottish Equitable.

1993: Revenues soar at Jardine Fleming's Hong Kong trading operations. Managers focus on expanding the business yet further.

December 1993: Robert Thomas, chief executive of Jardine Fleming Asset Management and Jardine Fleming Investment Management is informed that dealing procedures and controls are inadequate, although no improprieties are known.

1994: Armstrong works on managing three highly successful funds for Jardine Fleming. The expands so rapidly that its compliance procedures are overwhelmed. A ten-week ban on new business is put in place at the fund manager.

October 1994: A compliance officer from Robert Fleming is sent to Jardine Fleming in Hong Kong to improve compliance procedures there.

1995: Jardine Fleming's Hong Kong fund management division returns one of the worst financial performances in the company's history.

September 1995: After months of monitoring Armstrong's personal accounts, his irregular trades are brought to the attention of senior management.

Robert Fleming reports a compliance procedures problem to the UK's Investment Management Regulatory Organisation (Imro).

The parent company fails to recognize the full extent of Armstrong's improprieties, however.

November 1995: In response to the reported problems, Imro begins its investigation into Jardine Fleming's Hong Kong compliance operations.

January 1996: As the investigation deepens, Imro drafts in help from Hong Kong's Securities & Futures Commission (SFC). The full extent of Armstrong's activities are brought to light.

March 1996: Armstrong is "asked to resign" by Jardine Fleming's senior management.

September 1996: Jardine Fleming pays £12.4 million pounds to the disadvantaged funds, together with a £700,000 penalty fine. Thomas accepts responsibility for the compliance failures and has his trading licence revoked.