£17m bonuses for ‘thieving’ RBS loan unit

Sunday Times

Jason Allardyce and Iain Dey Published: 27 July 2014

THE taxpayer-owned bank RBS has awarded bonuses worth £17m to bankers in its controversial “turnround” unit, which has been accused of killing off small businesses for profit.

Vince Cable, the business secretary, has signalled his unease after documentation seen by The Sunday Times revealed that the payouts had been approved while the Global Restructuring Group (GRG) remained under investigation by the financial regulator.

GRG was at the centre of evidence produced by Lawrence Tomlinson, one of Cable’s key advisers, suggesting RBS forced vibrant businesses into trouble and profited from their distress by squeezing them for fees and ultimately seizing their assets to swell its own property empire. READ MORE

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