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Friday, June 1, 2012

''Accusations of “systemic institutionalised fraud” at RBS fall on deaf ears''

From Ian Fraser Blog

''Yesterday, another shareholder stood up at the Royal Bank of Scotland’s annual general meeting and made some serious and credible* allegations of “systemic institutionalised fraud” inside the Edinburgh-based bank.

Neil Mitchell claimed that the wrongdoing has become rampant inside the bank’s multi-billion repository for “distressed assets”, the Global Restructuring Group (GRG), which is overseen by global head of restructuring Derek Sach and also includes West Register, a vast ‘warehouse’ for distressed commercial property assets. Mitchell also accused the bank’s board of acting “like Putin.''

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