RBS Shareholders Lawyers to Represent TMT
TMT, the Asian shipping company, announce today that they have already retained BIRD & BIRD, the law firm representing the RBS shareholders who are taking a law suit against RBS and certain former directors following the disastrous 2008 rights offering.
TMT was a substantial corporate customer of RBS in 2008. The bank was conducting clearing for TMT of its Freight Forward financial instruments. TMT suffered significant losses during this period, amounting to over USD 1 Billion and have questioned the role played by the bank and its senior futures staff in its affairs.
However, the bank has refused to hold a full investigation into its role in 2008, and has been dismissive of approaches made to the RBS CEO by TMT’s owner.
'I find it extraordinary that the new leadership of RBS are refusing to conduct a full investigation into the way RBS handled my company's affairs in 2008. I have therefore retained Bird & Bird, the London law firm representing the RBS shareholders over the 2008 rights issue. They have a clear understanding of the culture of RBS at that time, highlighted in recent press news, including the banks flagrant disregard for basic corporate governance including the Director’s fiduciary duties and inadequate internal fire walls between key departments of the bank' said Mr Nobu Su of TMT.
Bird & Bird are now in Taiwan examining the dossier of evidence concerning RBS handling of TMT’s affairs.
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