Menu
Equities By Region Finance and Banking UK

RBS share price: Boss accused of misleading MPs in bribery inquiry

Royal Bank of Scotland Group’s (LON:RBS) chief executive has been accused of deliberately misleading MPs to avoid disclosing a police investigation into an alleged bribery scandal at the bank’s restructuring unit, The Times has reported. The news comes after the Financial Conduct Authority recently said that it will take no action against the bailed-out lender’s  Global Restructuring Group (GRG) which allegedly forced small company clients out of business. 

RBS’ share price has been steady in London this morning, having gained 0.12 percent to 247.70p as of 08:55 BST. The stock is marginally underperforming the broader UK market, with the benchmark FTSE 100 index currently standing 0.44 percent higher at 7,313.54 points.

RBS boss accused of misleading MPs

The Times reported this morning that Nicky Morgan, chairwoman of the Treasury select committee, had said that RBS’ chief executive Ross McEwan had purposefully “withheld information of relevance and interest” when he was questioned by the committee in January about the bank’s GRG unit.

At the time, the lender’s boss told MPs that he was not aware of any allegations of criminal activity within the bank, when, in fact, only months previously, the bank had alerted police to claims that a former GRG banker had taken a bribe from the owner of a small business in return for showing leniency towards his company. 

Ross McEwan ‘disappointed’ by criticism

The Times quoted McEwan as commenting that he was ‘disappointed’ by Morgan’s criticism of him.

“I replied to the committee’s questions in good faith and clarified my position in writing,” he pointed out, adding that he was “confident that when the legal process has run its course this will be seen to be a unique case”.

As of 09:01 BST, Friday, 14 September, Royal Bank of Scotland Group share price is 246.80p.

Investing is speculative. When investing your capital is at risk. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. Your investment may not qualify for investor protection in your country or state of residence, so please conduct your own due diligence. This website is free for you to use but we may receive commission from the companies we feature on this site. Click here for more information.