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