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  ‘Thanks… If it helps us find more properties, it seems like a good call,’ said Kate.

  Kate took a call from Colonel Matlik. ‘Good morning colonel. Your timing is perfect; David has just walked into the room. Let me put you on the speakerphone.’

  ‘Hello David,’ said the distinctive voice of Colonel Matlik.

  ‘Good to hear you again,’ replied David.

  ‘I was so sorry to hear of the deaths of your colleagues; rest assured we are leaving no stone unturned at this end,’ said the colonel. ‘And we are treating your request on a strictly need-to-know basis, as asked.’

  ‘Thank you.’

  ‘Regarding the security business; initially we were unable to find any link to them, but the name you gave us is very interesting. Mr Koit was well-connected and very wealthy. He had a shadowy past. The FSB – Russian Federal Security Service – had been keeping an eye on him. They tell me that he was killed in a private plane crash several months ago and that he had some very unsavoury connections with people from Chechnya. Through Mr Koit we have traced a local company specialising in executive training in guns and personal security. They are based deep in the countryside, twenty kilometres from Tallinn. I have sent two of my officers undercover to see what is there.’

  ‘Excellent,’ said David.

  ‘I have also been looking into their fishing activities. Your terrorists operate two trawlers, and it seems that they have quite a set-up in Tallinn. I have spoken to a tax inspector and asked him to look at their books. He knows nothing of our suspicions. In one hour’s time he will be paying their warehouse in the docks a visit. Two of my operatives are tagging along to have a proper look around.’ A deep chuckle echoed down the phone line.

  The colonel hesitated. ‘What worries me is that they aren’t showing the telltale signs of an Al Qaeda cell, but those of a very professional organisation which uses experts rather than recently trained recruits.’

  There was a pause. ‘My team monitors the activities of Russian investors and mafia. This creates tension from time to time with the Russian FSB, but as there is a Chechen connection they’re being most cooperative. Oh, by the way, our laws prohibit us from using phone taps unless we have a court order from a judge. A colleague will petition the judge as soon as the court opens this morning. I’ll let you know if they produce anything useful.’

  ‘Thank you,’ said David. ‘By the way, how’s Kristina – is she enjoying university?’

  ‘Yes, thank you. When all this is over you must come and visit us. We will talk again soon.’

  The speakerphone went silent.

  David turned to Kate. ‘Kristina is his only daughter; his wife was killed by a car bomb meant for the colonel several years ago. It seems that he upset some people in the Russian mafia who were trying to set up business in Tallinn. He’s a driven man, determined to right the wrong of his wife’s death. Heaven help any terrorist who crosses his path. We couldn’t ask for a better ally.’

  It was 7.45 a.m. when Giles arrived for his morning briefing. He indicated to Kate that she should make a start.

  ‘Commissioner, we’ve uncovered a large amount of background material which indicates that the terrorists are thinking big. As the financial markets are involved we believe that the attacks will be sooner than later; probably a matter of days, certainly not weeks.’

  ‘Kate, it does no harm to work to a short timescale, but be very, very careful not to overlook critical pieces of information in your quest for speed.’ The commissioner glanced up and looked at the others. ‘Is that noted?’

  ‘Yes, sir,’ they chorused.

  ‘What investigations are ongoing?’ enquired Giles.

  ‘We have a number of balls up in the air, sir,’ replied Kate. ‘The Estonian Security Service is investigating the terrorists’ activities on a firing range outside Tallinn, an Estonian import/export business and their fishing business there. Emma is researching the whereabouts of the terrorists’ trawler fleet, as we believe that they may use it as part of their exit strategy.

  ‘Rafi,’ continued Kate, ‘is working on the property angle to see how many of the properties the terrorists own are close to likely targets. John and his team are working with MI5 to unravel the terrorists’ sizeable public sector businesses. This is proving to be an unexpectedly large project. They’re working on the list of its public sector contracts and the senior people on their payroll. The list is long and the names include a couple of Members of Parliament and many very well-connected people. This causes MI5 and us major concerns. Our investigations could be set back if one of these people learned of what we are doing and tipped off the terrorist leaders.’

  David and Giles nodded. Kate continued, ‘Also, Jeremy has received confirmation that Callum’s last meeting was with one of the suspected ring leaders: Maryam Vynckt. She’s a director at Gulf Trade Bank and is ideally placed to move money around unseen, offshore.’

  Giles turned to David. ‘We’ve got a meeting with the London anti-terrorist committee at 12 o’clock. They’re still convinced that the next attacks will target public places: airports, underground trains, stations, and the like. We’ll have to break cover soon or else we’ll be in deep s h one t, if events conspire against us.’

  ‘Kate, how much longer before we have a clearer picture of what they’re targeting?’ asked the commissioner.

  ‘Sir, one of our lines of thinking is that they could use their property portfolio as the base for attacks on energy installations. Rafi believes their aim is also to crash the financial markets and in the process make a fortune in the derivatives markets. They’re thinking big, as they seem willing to throw away Prima Terra which is worth around?1.5 billion, and we reckon that they’ve invested a couple of years in planning these attacks.’ Kate paused. ‘We also think that they’ll pull the rug from under their public sector company and all in all give the Government a particularly bloody nose.’

  ‘Surely you’re exaggerating the position, aren’t you?’ asked David.

  ‘Well, no, I’m afraid not; in fact, as things stand I’d be willing to bet a year’s salary on this hunch,’ said Rafi.

  ‘Do, please, keep me informed. See where you’ve got to at 2.00 p.m. David and I will make a decision on who to inform at that point.’

  ‘Could I make a request?’ ventured Rafi.

  ‘What is it?’ enquired David.

  ‘I think we need an expert to see what Jameel and his colleagues have been up to in the derivatives markets.’

  David looked across at Rafi. ‘Do you know a suitably qualified person?’

  ‘Yes, sir.’

  Jeremy, who had been sitting quietly, spoke up. ‘Seems straightforward enough – you name him, I get him, problem solved.’

  ‘Agreed,’ said the commissioner. ‘Please see to it as soon as we finish this meeting.’

  The two senior officers stood up to leave. ‘We’ll be close at hand should you require any, and I repeat, any assistance,’ said Giles. ‘All this station’s resources are at your disposal -just ask.’

  ‘As are all those of my colleagues,’ added Jeremy.

  The meeting was over.

  Chapter 3

  ‘Jeremy, using your diplomatic skills, could you pick up Aidan Gilchrist from Maine Leadbetter’s dealing room? Rafi will give you the address,’ said Kate. ‘Do it quietly and get him here as soon as possible. Tell him some cock and bull story that you’re looking into a money laundering scam for MI5 and if he’s not convinced reassure him that you’ve been given his name as a head honcho and a quiet chat would be much appreciated.’

  ‘Oh, you mean, the could-he-give-James-Bond-a-helping-hand story?’ said Jeremy with a grin.

  Kate looked across at him and returned the smile. ‘You read too many comic books!’

  ‘But it isn’t half fun! And what if he’s too busy and won’t come?’ asked Jeremy.

  ‘I suggest you take him somewhere quiet and advise him of the powers of MI5, should they wish to flex
their muscles,’ suggested Kate. ‘I think it would be best if you went alone. It’ll raise less suspicion. We don’t want Gilchrist’s colleagues to know what’s going on. I’ll arrange for a car to take you.’

  Jeremy picked up his jacket from the back of his chair and was gone.

  ‘Kate, we’re going to need a couple more computers and access to some databases,’ said Emma glancing around the room. ‘Shall I chat to Greg or do you need to clear it with the boss?’

  ‘No problem. I have his delegated authority on this one. Leave it with me,’ replied Kate.

  John looked at Rafi thoughtfully. ‘Could you explain in layman’s terms why the derivatives market is potentially so dangerous… And so lucrative?’

  Rafi smiled. ‘Put simply, derivatives are a way of betting whether a financial asset will go up or down relative to peoples’ expectations. In our case, let’s say that the terrorists do something which causes the markets to plunge unexpectedly. If they have bought put contracts, the more the market goes down the bigger the profit they’ll make. If you speculate correctly you can make big profits of say ten, maybe twenty times your initial outlay. However, derivative markets are a zero-sum-game, thus for every winner there’s a loser. They’re the rocket science end of things, which is why I could do with Aidan’s help.’

  ‘Thanks,’ said John. ‘So if the sheikh and his associates were to speculate say?1 billion in these markets and they rig things to go their way, they stand to make?10 to?20 billion? Sort of puts all their planning into perspective, doesn’t it?’

  ‘I fear so,’ replied Rafi.

  A look of concern spread across John’s face. ‘For a payout of?20 billion, heaven only knows what they have planned! Oh, by the way, I’ve been mulling over something you said about their exit plans. If they are intending to get that rich they won’t want to hang around. So I would put looking for a fast motor cruiser at the top of my “to do list”. Just a thought. Must dash now – I’ve got a meeting with my team. Let’s talk soon.’

  Jeremy was standing at reception accompanied by a very unhappy individual. ‘Give DI Adams a bell and tell her I have Mr Gilchrist with me and that I am heading for the fourth floor interview room.’

  Kate, Emma and Rafi arrived at the interview room moments before Jeremy and a very disgruntled Aidan Gilchrist, who looked as if a thunder cloud was hovering directly over his head.

  ‘What do you want from me?’ He was annoyed. ‘I thought you were taking me somewhere civilised to talk, not to a bloody police station.’ He turned and, on seeing Rafi did a double take.

  ‘What the hell are you doing here?’

  Suddenly, it dawned on Rafi that his mugshot – as the man behind the Bishopsgate bombing – must have been all over the papers.

  Aidan looked uncertainly at Rafi then, like the first class financial dealer that he was, he quickly regained his composure. And acted as if he had known what was going to happen all along.

  Kate decided to take charge of the situation and spoke up. ‘Let me introduce you to my team: I’m Detective Inspector Kate Adams and this is my assistant, Detective Constable Emma Jessop. We specialise in financial fraud. You already know our infamous friend, Rafi. We’ll shortly be joined by the head of our IT section, Greg Thompson, and you’ve met Jeremy, from MI5. Please bear in mind that you’re here as our guest. I’m sorry that our hospitality doesn’t match the standards set by your bank.’ Kate smiled with a twinkle in her eyes. ‘Rafi has been helping us with our enquiries. He’s best placed to explain why we need your help,’ she concluded, indicating to Rafi that he could begin.

  ‘Thank you, Kate. Aidan, I’m sorry for the cloak-and-dagger stuff. Basically, I was framed. By accident, I stumbled across pieces of the terrorists’ plans. Before we go any further I should explain your position and make it absolutely clear that you’re here under no coercion. I asked Jeremy to get you as we need your help – we believe they are targeting the derivatives market.’

  ‘OK, wait a minute. Are you saying that if I think you’re talking a load of bullshit, I can walk out of here?’

  ‘Yes,’ replied Rafi, ‘With one proviso: you can’t tell anyone you’ve seen me. Agreed?’

  ‘Agreed,’ said Aidan. ‘Please start, I’m all ears.’

  Rafi sensed that the other members of the team weren’t happy with what he had promised Aidan. No doubt the signing of some formal documentation would be the norm. But this was the City of London, where for Rafi and his work colleagues one’s word was one’s bond.

  The phone rang before Rafi could begin. Kate picked it up, listened for a moment and spoke to Jeremy. ‘Your delivery from Luigi’s is here.’ He disappeared out of the room and returned a few moments later with coffee and croissants.

  Rafi started. ‘We’ve uncovered a network of companies controlled by a terrorist cell. Amongst other things we believe that they will attack energy installations thereby triggering a meltdown of the financial markets and enabling them to reap huge profits from their positions in the derivatives market. As a top, if not the top derivatives man, please help us find out what they’re up to and help us stop them?’

  Aidan had listened intently. ‘What help will I have?’

  ‘You’ll have Emma to help you,’ said Kate.

  ‘That’s it? Bloody hell, this isn’t going to be easy!’ Aidan looked across at Emma. ‘Tell me you’ve got a degree in rocket science!’

  ‘Afraid not,’ replied Emma. ‘I studied applied mathematics and I have experience as an accountant…’

  Aidan cut her off. ‘Well, you can’t have everything,’ he beamed. ‘Emma, you’ll do fine. What about IT kit?’

  ‘You’ll meet Greg, our IT Manager, after this meeting,’ said Kate.

  She looked carefully at Aidan. ‘Are you willing to promise that everything you see and do here remains strictly confidential?’

  Aidan nodded. ‘I have no doubt that you could make life very difficult for me and my employers if I broke my promise.’ He took a sip of his coffee. ‘My lips are sealed. Shall we get started?’

  His demeanour, which to start with had been a mixture of tension and annoyance, was now relaxed and businesslike.

  ‘What we need to know is whether they are trying to short or manipulate the relevant futures or options contracts.’ Rafi paused. ‘My educated view is that the action will be in the long gilts and interest-rate contracts.’

  Aidan’s face was deadly serious. His light blue eyes, sharp as sabres, focused on Rafi. ‘It’s funny – no, let me rephrase that – it’s a great coincidence that you should be talking of these two markets. Up to a fortnight ago, they were trading as might be expected in these volatile times and everyone was comfortable with an interest rate scenario where over the next year they move up by a per cent or so.’

  He paused. ‘The funding of the Government’s debt mountain is on a knife edge. As things stand the big international investors are just about happy with the UK’s creditworthiness. Any significant increase in borrowings or a knock to the economy would be very unwelcome.’ He grimaced. ‘Were something to happen which shook investor confidence and caused the Government to issue shed loads of debt, it would become very expensive… recently the volume of deals betting on interest rates rising significantly has grown to the point where someone, or a group of people, out there fervently believes that they are heading towards double digits!’

  Rafi raised his eyebrows.

  ‘The view amongst the traders,’ continued Aidan, ‘Is that a few punters have lost their marbles and instead of playing the roulette tables have decided to place some big bets in these derivative contracts. If they’re right they’ll make huge profits! My informed guess is you could be on to something. I’d be glad to check it out for you.’

  ‘Excellent – thank you – that’d be perfect,’ said Rafi.

  There was a quiet knock on the door; Greg, not waiting for a reply, walked in.

  ‘Kind of you to join us,’ said Kate. ‘Let me introduce you to Aidan G
ilchrist of Maine Leadbetter, the international bank. He’s a derivatives guru and is here to help us. Aidan, Greg is our IT manager. He has an uncanny knack for getting into online databases and making things work. He’ll set you up with whatever you need in terms of hardware and software. His budgets are a tiny proportion of yours, so the kit isn’t as smart as what you’re used to, but it should do the job.’

  Greg had found a plate and was enjoying the last croissant.

  ‘Aidan, please tell Greg what you’ll need.’ Kate shot a brief smile at Greg.

  ‘First of all,’ said Aidan, ‘I could do with access to my bank’s intranet, in such a way that no one can trace it.’ He hesitated. ‘No, on second thoughts, that would raise too many suspicions.’ Aidan thought for a moment. ‘Would it be possible to arrange access from here via my home IP address?’

  ‘Shouldn’t be a problem.’

  ‘Second, I could do with access to the central computers of the main UK derivatives markets. Also, if possible, some names of contacts in their settlement teams would be a real bonus.’

  Greg nodded.

  ‘Third, I could do with a desktop PC with a bit of grunt and access to a good printer. And fourth,’ he turned and looked at Emma, ‘Access to a supply of coffee would be much appreciated.’

  As if to signal the end of the meeting, Greg slid his empty plate forward and looked up. ‘If that’s all, I’ll get started on your shopping list. If I seem a bit stressed, please bear with me. The commissioner has asked that I give you priority, but why does everything arrive in twos and threes like London buses? We still have a load of unfinished business following the Bishopsgate bombing, which took out their IT servers and means they’re using ours. It’s all a bit of a bugger’s muddle,’ Greg added as he left.

  ‘Emma, would you please take Aidan under your wing?’ asked Kate, changing the subject.