Five UK bankers arrested over tax fraud

Four current employees and one former employee at the 83% taxpayer-funded RBS have been arrested as Britain’s HM Revenue Customs (HMRC) has launched an investigation into an alleged tax fraud.

The bankers were arrested at their homes across London and the Home Counties.

HMRC has claimed that the accusations are not related to the overall activity of the state-funded lender but to the financial affairs of the individual bankers.

“As a result of an ongoing HMRC investigation into tax-related criminal offences, HMRC has arrested a number of people, some of whom work for UK banks,” said an HMRC spokeswoman.

The arrests over the financial affairs of individual bankers come as the British government is determined to run a show of “responsible capitalism” in response to anti-capitalist protesters by punishing individual bankers without proposing any systematic changes.

Earlier this year, under pressure from Britain’s main political parties, the chief executive of the RBS, Stephen Hester, refused to accept his annual bonus of nearly £1 million. Moreover, the former head of the RBS, Fred Goodwin, was stripped of his knighthood as part of the British government’s show of “responsible capitalism.”

However, Britain’s anti-capitalist public need fundamental change in the financial sector rather than just a show of “responsible capitalism” by punishing individual bankers.

ISH/PKH/HE

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