NatWest Three Prepare To Face Trial

by Stewart Douglas

Story link: NatWest Three Prepare To Face Trial

The three former UK bankers charged with committing fraud in connection with the Enron case will today appear before a court in the US having been extradited, to be tried under the law of Texas in a Houston courtroom after much debate as to their case.

The trio, branded the NatWest Three, will appear in Houston charged with fraud relating to the ill-fated, much publicised Enron crash of 2001, after a long legal arm wrestle to determine where they would be tried for the allegations.

Gary Mulgrew, Giles Darby and David Bermingham, formerly of NatWest, will appear before the court at 10pm GMT, where they will begin to learn their fate after years of uncertainty over their alleged actions seven years ago in dealing with the now defunct energy giant Enron.

The allegations suggest that the three men had an involvement in an undervalued sale from NatWest of a company in which Enron had a stake, prior to investing personally in the same company in order to profit from the deal.

The three men have been caught up in the midst of an extradition battle, arguing that they were innocent and should at least be tried in the UK under British law.  However their extradition to the US could now see them facing up to three decades behind bars, should the allegations prove fruitful.

It is thought that the men, who have until now strongly denied any involvement in the case will chaneg their stance, and plead guilty as part of a plea bargaining arrangement that could see them facing a reduced sentence, rather than potentially facing the maximum 35 year penalty if they plead not guilty and are found to the contrary.