Solid evidence found against RBS

Solid evidence found against RBSIt is believed that strong evidence has been found against RBS dating back to 2008, relating to the behaviour that led to collapse of several smaller firms.

The RoyalBank of Scotland is facing new criticism that it might have forced some of the smaller firms in the country to collapse in order to acquire their assets at very low prices. The evidence has been presented to the ministers against the banking giant.

Businessman Lawrence Tomlinson, who is the entrepreneur in residence at the Department for Business, Innovation and Skills, has accused RBS of intentionally forcing some small firms to collapse in order to benefit from the opportunity of acquiring their assets at much lower prices. Mr Tomlinson wrote in a report that he has found evidence against the state-run bank.

The report that includes direct allegations against the RBS has been given to the watchdogs by Business Secretary Vince Cable. Mr Tomlinson has particularly blamed the Global Restructuring Group (GRG) of the bank, which is responsible for its turnaround. The division looks into handles loans classed as being risky and has the authority to scrap loan deals.