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Chuka Umunna: PWC’s useful idiot?

In Blog by Ian Fraser1 Comment

January 23rd, 2014 I’ve long wondered how committed the Labour shadow business secretary and MP for Streatham Chuka Umunna really is to UK banking reform. It seems the answer is “not very”. In the furore that followed the publication of the Tomlinson Report on November 25 last year, a report …

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EADS chief executive Robin Southwell drawn into a hornet’s nest

In Blog by Ian Fraser0 Comments

December 20th, 2013 In June and August 2010 I reported on the business relationship between the EADS (UK) chief executive Robin Southwell (pictured right) and David Mills — a “business turnaround” specialist and former NatWest banker who was charged with conspiracy to corrupt, fraudulent trading and money laundering on 8 …

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Snow: ‘If RBS bosses didn’t know what was going on, they should be fired and prosecuted’

In Blog by Ian Fraser2 Comments

December 17th, 2013 (minor revisions December 18th, 2013) Here’s the Channel 4 News report on the behaviour of RBS and its global restructuring group from Monday 25 November — the day that the Tomlinson Report was published. Jon Snow opened the piece by saying:- “They’re accused of deliberately driving viable small businesses into …

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RBS whistleblower: ‘It was simply outrageous what went on’

In Blog by Ian Fraser0 Comments

December 7th, 2013 A former insider at Royal Bank of Scotland’s Irish subsidiary, Ulster Bank, has shed further light on the alleged systematic abuse of business customers by the bank’s “recovery and restructuring” arm, which includes Global Restructuring Group and West Register. In a candid interview with Ireland’s Sunday Independent …

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Tape recording reveals how RBS bullies small firms

In Blog by Ian Fraser5 Comments

November 30th, 2013 [minor edits February 17th, 2014] The recording below gives a fair impression of the bullying methods deployed by RBS and its “restructuring and recovery” division, Global Restructuring Group, to extort money and impose crippling additional costs on its business customers. The critical point here is the main …

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The “financial terrorism” of Royal Bank of Scotland

In Blog by Ian Fraser8 Comments

November 27th, 2013 (updated November 28th, 2013) (minor edits December 1st, 2013) Another of the banking scandals I’ve been covering for more than three years is gaining a wider audience, following the publication of the Tomlinson Report on Monday and this morning’s confirmation from the Financial Times that the Serious Fraud …

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Gavin Masterton and the riddle of Charlotte 18

In Blog by Ian Fraser2 Comments

September 17th, 2013 (updated with minor edits September 24th, 2013) Charlotte Eighteen, a shadowy company based in the tax secrecy jurisdiction of the British Virgin Islands, remains the subject of intense interest among Scottish football fans. Allegedly the holding company for the business assets of Gavin Masterton, the former treasurer …

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The banality of vulture financing: The placid face of RBS’s distressed debt recycling facility

In Blog by Ian Fraser2 Comments

September 10th, 2013 (minor edits November 4th, 2014) Derek Sach inadvertently gave away some of RBS’s trade secrets in this interview with Debtwire’s Mario Oliviero. Sach — who is in charge of RBS, NatWest and Ulster Bank’s so-called Global Restructuring Group — was interviewed during the Debtwire European Forum in London’s Dorchester …