Andrew Tyrie MP, Chairman of the Treasury Select Committee, has said that the bank had been “wilfully obtuse” in the evidence it gave to the committee about its GRG division.
This follows strenuous statements in oral evidence by RBS to the Treasury Select Committee that GRG was “absolutely not a profit centre”.
Chris Sullivan, the bank’s Deputy Group Chief Executive, conceded the point in a letter to Andrew Tyrie MP dated 15 July 2014. In his letter, Chris Sullivan also corrected his statement to MPs that he had not seen a draft version of an independent report into
GRG written by Clifford Chance.
For the full article in The Times please see here. To see the letter from Chris Sullivan
Click here and to see the evidence given by Chris Sullivan & Derek Sachs on 17 June 2014
see here (from Q526 onwards).
Commenting on this latest development,
David Reilly of Berg says:
“It is a matter of great concern that RBS has not given accurate evidence to the Treasury Select Committee and is retrospectively amending its evidence. This has to question their commitment to the process."
For more information about any of the above or for practical advice on this or any other aspect of banking and financial disputes, please contact
David Reilly of the Berg Banking Litigation Team on 0161 833 9211 or email him at
(The information and opinions contained in this article are not intended to be comprehensive, nor to provide legal advice. No responsibility for its accuracy or correctness is assumed by Berg or any of its partners or employees. Professional legal advice
should be obtained before taking, or refraining from taking, any action as a result of this article.)