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Cable pushes for quicker Fred Goodwin prosecution

by: IFAonline
  • 01/05/2013
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Cable pushes for quicker Fred Goodwin prosecution
Business secretary Vince Cable has pushed Scottish prosecutors to speed up action against Fred Goodwin and other former directors of Royal Bank of Scotland (RBS).

Cable has written to Lord Wallace, the government’s top legal adviser in Scotland, demanding a decision on prosecution be made “as quickly as possible” due to considerable public concern “about the actions of the directors of RBS prior to insolvency”, the Telegraph reports.

Goodwin, who was stripped of his knighthood last year, could face being struck off, alongside former RBS investment bank head Johnny Cameron. Several other ex-directors also face punishment for their role in the near-collapse of the lender.

However, Cable believes there has been a lack of progress in pursuing them after he asked Scotland’s Crown Office and Procurator Fiscal Service to consider legal action in January 2012.

He said while he was not seeking to influence the outcome “public and media interest in the banking sector and RBS have not dissipated”.

A report prepared for Cable last year found there was “prosecutable evidence” which could be used to bring about disqualifications.

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