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Topics News & Markets

4 Royal Bank of Scotland workers, 1 ex-staff member arrested over alleged tax fraud

By The Associated Press | February 12, 2012

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LONDON - British tax authorities said Sunday that four current and one former member of staff at the Royal Bank of Scotland had been arrested in an investigation into alleged tax fraud.

The revenue service said the five suspects were arrested at their homes in London and southern England on Wednesday. None of those arrested has been identified.

Authorities said the inquiry was in connection with the personal financial affairs of the suspects and unrelated to the bank's work.

Britain's government owns 82 per cent of the Edinburgh, Scotland-based bank. It was rescued during the credit crisis of 2008 with 45 billion pounds ($72 billion) of taxpayers' money. Last month, the bank's chief executive Stephen Hester turned down his million-pound ($1.6 million) annual bonus under intense political pressure.

In a statement, the Royal Bank of Scotland said it was "fully co-operating with" tax authorities, but would not comment further.

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