BusinessCompany NewsNatWest Three given £3.5m payback reprieve

NatWest Three given £3.5m payback reprieve

Jailbound bankers broker deal which will see them make piecemeal returns of the cash they made in a transaction with Enron's former CFO Andrew Fastow

The NatWest Three have avoided paying back their former employers a windfall
amount in one lump sum after hammering out another deal.

After plea-bargaining their way last week to a lighter sentence in connection
with their involvement in the
Enron
scandal
, the trio have now negotiated a way to stagger the repayment of
$7.3m (£3.5m) to NatWest.

The cash represents the gains made by the trio as a result of a fraudulent
deal made with Enron’s ex-CFO Andrew Fastow.

NatWest, now part of RBS, will receive an initial $500,000 from David
Bermingham and Giles Darby while Gary Mulgrew will pay $250,000.

The three, who each face three years in prison, have also promised to adhere
to a UK civil judgement binding them to pay RBS the outstanding $6.1m.

Further reading:

NatWest
three agree to 37 months’ jail plea

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