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Monday 26th January 2009
In a move which has surprised many in the city it has been revealed that Sir Fred Goodwin and his former Royal Bank of Scotland directors could face a criminal investigation in relation to the administration of the Royal Bank of Scotland. The shares collapsed earlier this year amid signs that the group had overextended itself in foreign markets and was struggling on a liquidity basis.
While some believe that Sir Fred and other former directors of Royal Bank of Scotland are nothing but scapegoats for the government it would appear that some substantial shareholders in the group think otherwise. A high-profile police investigation is likely to focus on whether the group fully acknowledged in public the alleged liquidity difficulties prior to a fundraising to save the bank. There is concern from some quarters that many investors acquired shares after reassurances from the board only to find that the position of the group had weakened substantially just after the fundraising.
This is probably the last thing the UK banking sector needs at this moment in time, although it will no doubt focus the minds of regulators and investors in the UK, at a time when survival should be if paramount importance. This is a story which could literally drag on for many months. |
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Comments (1)
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BYRON GODFREY said:
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12th Feb 2009 @ 11:50
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An interesting article, however I am an ex pat living in the USA needing to have a fraudulent act by RSB investigated. A suggestion of a government body who might assist would be greatly appreciated. The matter is beyond the jurisdiction of the Financial Ombudsman and The Pensions Advisory Service. Thank you
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