Page 7 - RBS GRG F Case Study

Mitchell outlined how the former RBS CEO and Chairman
proceeded to bury the GRG evidence, failing to report the

accusations to the financial regulator the FCA/FSA,
despite laws which oblige them to do so. (2)

“ Mitchell outlined how GRG encouraged businesses to

prioritise repayments to RBS ahead of meeting HMRC tax

obligations. RBS, owned by the taxpayer were knowingly

defrauding its owners for 3 years + with the full

knowledge of RBS management, police and City financial

regulators.” (2)

These claims were reinforced by the Business Insider

which stated that:

"There is absolutely no doubt that from 2008 and credit

crisis era that RBS was engineering defaults in companies

and acquiring assets under their property group through

RBS' Global Restructuring Group." (19)

The run up to the financial crisis with its reckless lending

witnessed a dramatic fall in property prices as loans were

defaulted on. For many bank customers the result was

both a catastrophic fall in asset value and falling revenue

streams with the result that many ended up in serious

financial difficulty.