Newspaper article International New York Times

R.B.S. Will Not Face Charges over 2008 Rights Issue

Newspaper article International New York Times

R.B.S. Will Not Face Charges over 2008 Rights Issue

Article excerpt

Scottish prosecutors said there was insufficient evidence to pursue senior figures at the bank over the raising of about $17 billion just before its rescue.

Prosecutors in Scotland have said that there was "insufficient evidence" to bring criminal charges against the Royal Bank of Scotland's former directors and senior management over a rights issue by the lender before its near collapse in 2008.

The Crown Office, which prosecutes criminal cases in Scotland, had focused its investigation on whether there had been criminal conduct related to the bank's raising of 12 billion pounds, or about $17 billion at current exchange rates, weeks before it had to be rescued by the British government.

R.B.S., which is based in Edinburgh, received a Pounds 45 billion bailout. The government still owns about 73 percent of the bank. …

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