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UK institutions begin hearing against RBS over £12bn share issue

first_imgFive UK institutional investors challenging the Royal Bank of Scotland (RBS) over a £12bn (€15bn) share issue in 2008 have begun legal proceedings against the bank in a court in London.Pension fund Universities Superannuation Scheme (USS), asset managers Aviva Investors and Legal & General Investment Management (LGIM) and insurers Prudential and Standard Life will commence legal proceedings today in London’s Royal Courts of Justice (RCJ).Today’s case management hearing is a pre-argument meeting of the two parties, with legal cases to be put forward soon after, IPE understands.The legal challenge relates to the institutional investors allegedly being misled at the issue that RBS announced in order to shore up its books after a controversial takeover of Dutch bank ABN AMRO. RBS was bailed out by the UK government only months later.The institutions, represented by legal outfit Quinn Emmanuel, are set to argue that misleading information was provided as the bank asked shareholders to increase stakes in the April 2008 share issue.At the time of issue, RBS was trading at £34.60 per share, which then plummeted to £4.94 by the end of 2008.The bank faced near collapse around six months after the £12bn share issue, only to be bailed out by UK taxpayers, with the government still retaining an 81% stake.The lawsuit is expected to be the tune of £1bn in compensation from the bank.However, when the case was launched in April this year, the exact split among the five claimants was yet to be decided.The case follows on from a group of more than 100 institutional investors making a similar case in April 2013.RBS, USS, Prudential, LGIM and Aviva Investors all declined to comment further on the latest meeting regarding the case.last_img read more

NASA LIVE: First All-Female Spacewalk Underway

first_imgTwo women are outside the International Space Station right now for the first all-female spacewalk.Koch and Jessica Meir will replace faulty batteries and upgrade the space station’s power system.This is Koch’s fourth spacewalk, but it’s Meir’s first. The spacewalk began at 7:30 Eastern Time.The spacewalk is likely to take around five-and-a-half hours. Two women were scheduled to walk in space earlier in the year but there was only one medium-sized spacesuit on board the ISS that would fit.last_img read more

FOUL PLAY: Sports and crime

first_imgBy NewsflicksSpain’s Supreme Court on Wednesday rejected an appeal by Barcelona star Lionel Messi and stood by a Catalan regional court’s 21-month prison sentence for tax fraud, court documents showed.The five-times World Player of the Year is unlikely to go to prison, however.Messi and his father Jorge were found guilty by a Catalan court last July on three counts of tax fraud between 2007 and 2009 to the tune of 4.1 million Euros on image rights and were also fined 2 million Euros.The court reduced Jorge Messi’s sentence from 21 months to 15, however, for returning the defrauded amount to Spain’s tax authority.Neither Messi nor his father are expected to serve time in jail, as under Spanish law sentences under two years can be served under probation.A court statement said Messi “unequivocally understood his obligation to pay tax on income obtained from exploiting his image rights…therefore it is not logical that he should ignore his duty to pay tax on them”.The Supreme Court’s ruling brings an end to a case which began in 2013.Messi, 29, and his father defrauded the Spanish tax office of 4.1 million euros between 2007 and 2009 by using a web of shell companies based in Belize, Switzerland and Uruguay to evade taxes on income from the player’s image rights.This is not the first time a sports person has found himself on the wrong side of the law. Here are five other instances when famous athletes were punished by the court for wrong doings.TAX EVASION:BORIS BECKERadvertisementSport: TennisPhoto Credit: ReutersThe German tennis great was handed a suspended two-year sentence and fined 500,000 Euros for avoiding 1.7 million Euros in tax to the German fiscal authorities back in 2002.He did so by claiming to live in the “offshore” haven of Monte Carlo during 1991-1993 whereas his main residence was in Munich.However, he walked a free man and was not sentenced.Becker is a six-time major singles champion and also the youngest Wimbledon men’s champion. He won the Wimbledon at the age of 17 years and 222 days, when he beat Kevin Curren 6-3, 6-7, 7-6, 6-4 back in 1985.He has won three Wimbledon titles in his 49 singles career titles.JAVIER MASCHERANOSport: FootballPhoto Credit: ReutersBarcelona’s Javier Mascherano was handed a one-year prison sentence for not properly paying taxes in Spain. He was also fined 815,000 Euros.The defender had reached a deal with prosecutors and the attorney’s office for failing to pay nearly 1.5 million Euros in taxes for 2011 and 2012.He was also accused by Spain’s tax office of concealing part of the amount that he earned in image rights.However, he is not expected to serve any time in prison and is likely to be let off with another fine.He won the Brazilian Serie A with Corinthians in 2005. He then moved to West Ham and signed for Liverpool on loan before he signed with the club for 18.7 million pounds.Mascherano left Liverpool after three years and signed for Barcelona in 2010.With Barcelona he has won four La Liga championships, two UEFA Champions League titles, two FIFA Club World Cups and other honours.SEXUAL ABUSE:MIKE TYSONSport: BoxingPhoto Credit: ReutersMike Tyson was convicted of rape back in 1992 and was sentenced to 10 years in prison.But the judge suspended the last four years, which reduced his term to six years behind bars.He was found guilty of raping an 18-year-old beauty pageant contestant in Indianapolis.But Tyson was released in 1995, serving just three years of jail.He was the undisputed world heavyweight champion and holds the record as the youngest boxer to win a heavyweight title at 20 years, 4 months and 22 days.Tyson won his first 19 professional fights by knockout, 12 of them came in the first round. He won the WBC title in 1986 beating Trevor Berbick in two rounds and added the WBA and  International Boxing Federation (IBF) titles after defeating James Smith and Tony Tucker in 1987.FIRST DEGREE MURDER:OSCAR PISTORIUSSport: AthleticsPhoto Credit: Reuters South African Paralympic here  Oscar Pistorius was sent to prison for six years for the 2013 murder of his girlfriend, Reeva Steenkamp.The state and large sections of the South African public had called for him to receive no less than the prescribed minimum 15-year sentence for murder, saying Pistorius had shown no remorse for the killing.However, he is expected to serve only half that time as he will be eligible for parole after three years.He has six Paralympic gold medals to his name.DRUG SMUGGLING:CHRIS LEWISSport: CricketadvertisementThe former England all-rounder Chris Lewis was released from prison after serving half of a 13-year sentence for drug smuggling.The all-rounder was sentenced to 13 years imprisonment in May 2009 for smuggling liquid cocaine into the country hidden in his cricket bag.Lewis played 32 Tests and 53 one-day internationals for England.last_img read more