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November 7, 2008

“NatWest Three” to come home

by Gill Montia

Story link: “NatWest Three” to come home

The NatWest three, the former bankers who were convicted of fraud in the US in connection with the collapse of Enron, are to serve the last few months of their 37 month sentences in the UK.

Gary Mulgrew, Giles Darby and David Bermingham who conspired with Enron’s chief financial officer to steal $7.35 million have already severed around six months of their time, in separate penal institutions.

All are expected to be transferred to London’s Wandsworth prison and under the UK’s parole system, could be released in November of next year.

Enron, the Houston-based energy group, filed for bankruptcy protection in December 2001, with the loss of over 5,000 jobs and $1 billion in employee pension funds.

The NatWest three’s part in its downfall involved the sale of an Enron subsidiary owned by NatWest, part of the Royal Bank of Scotland group.

The three have also been remembered for their battle through the British courts to avoid extradition under legislation designed to fight terrorism.

They finally lost an appeal to the House of Lords in February 2006.

At the trial, all three entered guilty pleas, which resulted in US prosecutors dropping six charges and agreeing that some of their sentence should be served in the UK.

 

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