During the secondary banking crisis in 1975, Slater Walker faced financial difficulties and received support from the Bank of England. Slater resigned as chairman in October 1975, because the government of Singapore began to try to extradite him from the UK for alleged offences by the company in Singapore referring to the alleged misuse of more than £4 million of company funds in share deals. The Singapore government's attempt to extradite Slater (in which it was represented by Derry Irvine, assisted by Tony Blair and Cherie Booth) was dismissed by the Chief Metropolitan Magistrate at Horseferry Road Magistrates' Court in 1977. In separate proceedings, following the takeover of the company by the Bank of England, a prosecution was brought against Slater by the Department of Trade alleging 15 counts of offences under the Companies Act. Slater was found guilty of the Companies Act offences and fined £15 per count. However, the court accepted that the offences were purely technical, that Slater had not acted dishonestly and that there was no question of him having made any personal gain through committing them.