The Taiwanese businessman and inventor, Nobu Su, has launched a lawsuit in Singapore against former RBS Chief Executive, Fred Goodwin, and other RBS employees, claiming that all parties breached their fiduciary duties to the bank and were negligent in protecting his business interests.
Specifically, the lawsuit alleges that between 2007 and 2009, Mr. Goodwin – who had his knighthood removed over his role in the bank’s near-collapse in 2008 – along with two members of staff who held senior posts at the time of the alleged wronging, conspired to injure Mr. Su by unlawful means.
In his claim, Mr. Su tells of how he placed his trust in the bank, only to discover RBS fraudulently misled him of his true commercial position and consistently issued inaccurate statements with improper and erroneous margin requirements, resulting in considerable loss and damage to his business interests.
According to the businessman, the defendants made remittances and transfers on a number of occasions for their own purposes without his consent.
The claim names the defendants as: The Royal Bank of Scotland PLC (trading as RBS Greenwich Futures), The Royal Bank of Scotland PLC (Singapore Branch), Fred Goodwin, Neena Birdie and Marie Chang.
Nobu Su, who is Chairman of the shipping company TMT, has long been disgruntled with RBS. In 2008, Labour MP Pat McFadden, who was on the Banking Standards Commission and the Treasury Select Committee, wrote to the Financial Conduct Authority (FCA) and RBS on Mr. Su’s behalf to query the alleged disappearance of USD 3.6 billion dollars from TMT’s account held with RBS during the weekend of the US presidential election.