Page 215 - Bank Case Studies

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.