Former Uk NatWest Bankers Face US Courts

LONDON – Three former UK-based bankers who worked for NatWest will now have to go to the US to face Enron-related fraud charges after their court battle fighting extradition to the US was lost in late June. The three – David Bermingham, Gary Mulgrew and Giles Darby – argued that if they were to be prosecuted for the transactions they undertook, it should be in the UK where they live and where they were based when they completed the deals.

Lawyers for the men say that under the US legal system they could face up to 35 years in prison if they are found guilty of the seven counts of 'wire fraud' they are charged with. It is estimated that the court case will cost each of them $2 million in legal fees and associated expenses.

The three bankers worked for NatWest Bank, which is now part of Royal Bank of Scotland. They are alleged to have conspired with Enron executives over the sale of a stake in an Enron entity in 2000 for less than it was worth, which earned them $7.3 million.

The extradition falls under a new, controversial treaty in force since January 2004, which was designed to speed up the extradition of terror suspects to the US. However, the US has not signed its side of the treaty, so the UK does not have the same power to extradite individuals from the US. There are several other executives in the UK fighting extradition as well.