Bank destroyed my business, says livestock farmer
Farmers Weekly, 10.10.16
A Scottish farmer is among hundreds who say their businesses were decimated in a deliberate plan by Royal Bank of Scotland (RBS) to add billions to its balance sheet.
Dubbed the RBS Files, a leaked cache of thousands of secret documents was revealed following an investigation by BuzzFeed News and the BBC’s Newsnight on Monday (10 October).
They said the bank’s global restructuring group (GRG) chased profits by hitting businesses with massive fees and fines and when they failed it snapped up their assets at rock-bottom prices.
RBS has denied allegations it destroyed healthy businesses for profit – but according to BuzzFeed News internal documents contradict the bank’s insistence that GRG tried to help ailing companies.
BuzzFeed News says hundreds of business owners are now preparing to sue RBS over the way they were treated in a multibillion-pound group action.
It says the group – known as RGL Management Ltd (RGL) – is likely to exceed 1,000 entrepreneurs in a legal claim believed to be worth more than £7bn.
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