Ross McEwan CEO RBS said - ....were “serious allegations” that the bank defrauded companies that were its clients by forcing them to go bust.

The City of London Police is investigating allegations of wrongdoing by Royal Bank of Scotland, it emerged on Wednesday night, adding to the Serious Fraud Office’s inquiry.

The financial capital’s economic crimes department has been examining the bank’s behaviour following at least one complaint from an alleged victim who contacted The Independent. The businessman is in a civil court dispute with the bank over the alleged seizing of his assets and has presented the City of London police with a large dossier of paperwork supporting his case.


News of the widening examination of RBS’s practices came as its chief executive pledged to “fully investigate” what he said were “serious allegations” that the bank defrauded companies that were its clients by forcing them to go bust.

Ross McEwan spoke as it emerged that the case is being investigated by the Serious Fraud Office. The allegations were levelled in a sharply critical report by the government adviser Lawrence Tomlinson.

Mr McEwan, who replaced Stephen Hester as chief executive, pledged to “share” the findings of a review he has commissioned into the bank’s business practices which will be led by a regulatory partner at City law firm Clifford Chance. It could cost RBS more than £1m. A spokesperson from the SFO said: “We are aware of the issue and are monitoring the situation. As far as any criminal investigation is concerned we can neither confirm nor deny this. ”

Continue reading: http://www.independent.co.uk/news/business/news/city-of-london-police-inquiry-adds-to-rbs-investigations-8966968.html