RBS warning for future investors

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POTENTIAL investors in Royal Bank of Scotland’s US business Citizens Bank have been warned that there is still a risk the Edinburgh institution could be fully nationalised. The statement was contained in documents filed by RBS with the Securities and Exchange Commission (SEC) to launch the stock market listing of the bank, which it hopes to sell in stages by the end of 2016.The prospectus for Citizens stated: “The RBS Group may face the risk of full nationalisation or other resolution procedures under the Banking Act 2009, as amended by the UK Financial Services (Banking Reform) Act 2013, which could impact the RBS Group’s contractual arrangements with us or result in other material effects on us.”  Read more

Neil Mitchell has another go at RBS on the Keiser Report

In the second half from 12 mins 42 seconds Max interviews international businessman and RBS claimant, Neil Mitchell, about the latest in his high-profile battle against GRG and RBS. He suggests the public move their funds from RBS and Max suggests that British law = government hack writes report, then they hold an enquiry, then they write another report.

7 Things RBS Hoped You Would Not Notice In Its Clifford Chance Report

Shoppers hit by bank card meltdown

The Royal Bank of Scotland welcomed a report it commissioned by Clifford Chance which found “no evidence” that it tried to systematically defraud small firms.

CEO Ross McEwan said: “We could not let this allegation hang over us. That’s why we acted quickly to appoint Clifford Chance to get to the truth of this claim. We are determined to earn back the trust of our customers.”

The report was commissioned in response to allegations in entrepreneur Lawrence Tomlinson’s report, who accused it of “killing off” small firms managed by its GRG business turnaround unit by adding on fees or pulling lines of credit.

According to Tomlinson, the GRG unit would “manage” firms that weren’t even struggling with their debts and still drive them under in order to seize the profitable businesses’ assets, normally property, at discount prices.

Clifford Chance’s findings, swiftly welcomed by RBS, were condemned by others as a “whitewash”. Alison Loveday, managing partner at independent law firm, Berg, told HuffPostUK: “Whilst Clifford Chance has called into question some of the practices undertaken by GRG staff, the investigation itself seems to have missed the opportunity to really uncover what was happening in GRG.

Click here for 7 things RBS hoped you would not notice in the Clifford Chance report

 

RBS accused of diversion over Clifford Chance malpractice report

Ian Fraser

Ian Fraser

Bank accused of misdirecting attention from lawyer’s true findings By Ian Fraser Sunday 20 April 2014

RBS has been accused of using diversionary tactics by Lawrence Tomlinson, an adviser to Vince Cable, after a report into accusations of malpractice by the bank.

Tomlinson told the Sunday Herald the substance of the RBS report, conducted by lawyers Clifford Chance, corroborates many of his findings about the bank’s Global Restructuring Group (GRG), which is accused of deliberately undermining viable client companies.

He took issue with the bank’s claim it had been “cleared of fraud”, which it said was Tomlinson’s “central allegation” in his report to the Business Secretary last November. The entrepreneur said he had never accused RBS of fraud, a word not mentioned in his original report.

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Highland result suggests RBS bankers no longer above the law

By Ian Fraser April 13th, 2013

RBS signFinally, we have evidence that banks and bankers are notabove the law in the United Kingdom. It seems the courts have finally woken up to the fact that allowing them to lie, cheat, deceive and defraud without legal impediment may not be a particularly good idea. As such, yesterday’s appeal court ruling, which reveals RBS to have behaved in what might, at best, be described as a slippery and underhand fashion, is a cause for celebration which I hope will come to be seen as a turning point.

Three appeal court judges yesterday overturned an earlier court judgment in asset-management group  long-running Highland Capital Management‘s dispute with the Royal Bank of Scotland. Read more

Second bailout warning in RBS damages case

A SCOTS businessman spearheading a potential multi-billion pound damages case against RBS has warned the scale of the scandal could tip the bank into a second bailout. Read more

Whistleblower: how RBS ‘deliberately destroyed’ firms

Exclusive: a whistleblower from RBS’s shadowy GRG unit claims that staff destroyed businesses “that didn’t need destroying” in an attempt to help save the bank during the credit crisis.

Alison Loveday speaks to BBC Radio 4 in their investigation into RBS

Last month a report by a government advisor, Lawrence Tomlinson, accused The Royal Bank of Scotland of forcing some viable businesses into insolvency. The Bank has denied Tomlinson’s claims and has asked a leading law firm to carry out an independent investigation. With their findings due to be published shortly, File on 4 assesses the evidence.

Jane Deith speaks to families who claim their companies were unfairly forced to the wall and their lives ruined as a result of the actions of the Bank’s Global Restructuring Group.

Billed as the equivalent of an intensive care unit designed to help nurse distressed businesses back to health, did the Global Restructuring Group kill some of them off instead? And was RBS able to profit as a result?

With a rising tide of complaints against the taxpayer-owned bank, the Financial Conduct Authority is beginning its own investigation.

So, was RBS being predatory or prudent?

Listen to the interview here

 

Keiser Report: When law breaking becomes basis for GDP

New joint action of multiple victims vs RBS (RBS GRG Business Action Group)

RBS

Ian Fraser explores the £1 trillion of time bombs metaphorically ticking beneath the plush carpets of the Royal Bank of Scotland’s headquarters. Read more here…