NatWest Three Plead Guilty For 37 Month Jail Term

by Stewart Douglas

Story link: NatWest Three Plead Guilty For 37 Month Jail Term

The three former bankers dubbed the ‘NatWest Three’ have today learned they are to face a custodial sentence of up to 37 months for their part in fraud allegations surrounding the high profile Enron case after having offered a guilty plea as part of a mitigation process.

The former NatWest bankers, all of whom have rigorously denied any guilt for the duration of their 17-month house arrest in Texas and since the allegations came to light, admitted today that they had indeed taken part in one charge of wire fraud, as part of a deal set up to ensure a lighter sentence from the Houston court.

The men were charged in connection with advising NatWest to sell off shares in a company owned and controlled by doomed energy firm Enron before personally purchasing the same stake in order to realise a substantial profit, totalling an alleged £9 million which was then split equally.

Part of the plea bargain will also see the men liable to pay the Royal Bank of Scotland, NatWest owners around £3.5 million, with over £500,000 to be paid upfront by the three men collectively prior to their shortened jail sentences.

The Enron employees with which they were said to have conspired in undervaluing and selling the business at NatWest are alsdo currently serving time in jail for their involvement in the circumstances.

Whilst press statements today have expressed both anger and disappointment for the families of the men sentenced, few have criticised their decision to plead guilt to avoid the potential 35 year jail sentence that may otherwise have been imposed which suggestions as to the nature of UK extradition policy raised over the duration with which these men, innocent until proven guilty, were deprived of their right to liberty in violation of the European Convention on Human Rights.