Banks' dirty tricks in taking over HBOs?

  rickf 08:51 11 May 2018

Is Lloyds about to be engulfed in concealment of alleged fraudulent activity prior to take over of HBOs and, PCW seems to be implicated in leaked document by imprisoned ex-banker? The principle here seems to be " If I go down I'll take you with me."

  Al94 09:57 11 May 2018

Is there a link? Do you mean PWC? I thought this was old news.

  Forum Editor 10:32 11 May 2018

I think rickf may be referring to the fact that Conservative MP Kevin Hollinrake has said (according to Hansard) that he has received from one of the people in prison for the HBOS Reading scandal "hitherto unreleased documents, including the Project Lord Turnbull report, authored by Lloyds senior manager Sally Masterton, which alleges that senior managers within the bank were aware of the fraud prior to the takeover and the £14 billion Lloyds and HBOS rights issues, yet they took clear, deliberate and documented action to conceal it."

He names auditors KPMG among others as being culpable for non-disclosure, and goes on to say that if these allegations are true, it could potentially make the rights issues and the takeover (of Lloyds) fraudulent.

  rickf 13:15 11 May 2018

AS FE wrote. It was extensively covered on Channel 4 news yesterday. Looks like the beginning of something big.

  Aitchbee 15:01 11 May 2018

He names auditors KPMG among others as being culpable for non-disclosure, and goes on to say that if these allegations are true, it could potentially make the rights issues and the takeover (of Lloyds) fraudulent.

PricewaterhouseCoopers (PwC) are one of the others who acted as financial advisor to Lloyds Bank, and it's interesting to note that PwC's income from performing financial reviews for the bank's clients soared from £1.4m in 2008 to £19m in 2009. PwC's methods in garnering such riches might finally get aired in court.

  Forum Editor 15:47 11 May 2018

"PwC's methods in garnering such riches might finally get aired in court."

let's remember that allegations are just that, until or unless they are shown to be true. At this stage we shouldn't make any assertive statements about culpability.

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