Scottish firms who claim to have suffered at the hands of Royal Bank of Scotland's Global Restructuring Group are being offered support in bringing claims by a new joint venture.
MBM Veritas, a 50-50 venture between legal firm MBM Commercial and Veritas Treasury, an Edinburgh-based financial advisory company, has been set up to help businesses affected by the Group's activities between 2008 and 2013.
RBS has admitted failings by the Group, which in the aftermath of the banking collapse was encouraged to "provoke a default" by businesses it was purporting to support, in order to bring cash into the bank when it was threatened with insolvency. RBS has set up a compensation scheme and complaints process, an element of which may be potentially overseen by retired High Court judge Sir William Blackburne, but MBM Veritas argues that the scheme is too narrow in its role and excludes individuals who have lost everything because of the Group’s action.
MBM Veritas is holding a seminar for Scottish firms affected in Edinburgh on Thursday 15 December at MBM Commercial’s office in Edinburgh, the same day as a planned debate in the House of Commons on the affair.
Scott Cowan, director of Veritas Treasury, said: “While we welcome RBS’s decision to set up a compensation scheme, it falls way short in a number of areas. There is a feeling that this is an RBS whitewash when it needs to face the full consequences of its behaviour at a dark time in its history.’’
Co-founder Andrew Mackenzie, a former banker who previously spent time working in the Group, added: “Consequential losses are likely to be the most important, and contentious, part of any claim, and yet that is the area where there is no independent oversight. Joining together with MBM Commercial means we have the capability and knowledge to help companies tackle RBS. This is vital for those seeking recompense.’’
The seminar is from 8.30 to 10.15am at MBM Commercial, 125 Princes Street, Edinburgh EH2 4AD. Anyone wishing to sign up can do so via EventBrite.