United Kingdom: Astounding’ failures in Bank of Scotland checks led to corruption, court hears

Author(s): Simon Bowers | Date: September 30, 2016 | Language: English
Source: https://www.theguardian.com/ | URL: https://goo.gl/XD7r7B | Type: Text

A senior manager at Bank of Scotland who discovered an alleged multimillion-pound corruption scam at its Reading branch has admitted that there were “astounding” and widespread failures in the bank’s checks and controls over several years, a court has heard.
Giving evidence in court, Tom Angus recalled how he had produced an internal review in 2007 focused on 38 struggling businesses, each of which had received “irregular” loans and which together owed the bank £375m.
All 38 were supervised by senior banker Lynden Scourfield and had a relationship with Quayside Corporate Services, a small turnaround consultancy run by former banker David Mills.

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