UK bankers to be extradited to US over Enron charges
(22 February 2006 – UK) Three former employees of UK bank NatWest have lost an appeal that would see them extradited to the US over Enron related fraud charges.
The decision has caused much controversy in the UK with business leaders saying the US has abused extradition laws that came into effect in 2004 designed to combat terrorism.
The three bankers have been accused of conspiring with Enron executives over the sale of a stake in the failed energy company in 2000.
Prosecutors allege the bankers each made US$2.7 million after selling an interest held by NatWest on the cheap and pocketing the difference. NatWest is owned by Royal Bank of Scotland.
The bankers were originally charged in October 2004.
The High Court in the UK said there was no sufficient basis to refuse the extradition request.
"The case against the defendants has very substantial connections with the United States and is perfectly properly triable there," the judges said.
The bankers will now look to appeal to the House of Lords.
The three bankers have been accused of conspiring with Enron executives over the sale of a stake in the failed energy company in 2000.
Prosecutors allege the bankers each made US$2.7 million after selling an interest held by NatWest on the cheap and pocketing the difference. NatWest is owned by Royal Bank of Scotland.
The bankers were originally charged in October 2004.
The High Court in the UK said there was no sufficient basis to refuse the extradition request.
"The case against the defendants has very substantial connections with the United States and is perfectly properly triable there," the judges said.
The bankers will now look to appeal to the House of Lords.
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