<TABLE cellSpacing=0 cellPadding=0 width=452 border=0><TBODY><TR><TD vAlign=top width=452 colSpan=2>Published February 28, 2009
</TD></TR><TR><TD vAlign=top width=452 colSpan=2>UK mulls legal action to claw back ex-RBS chief's pension
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(London)
BRITISH Prime Minister Gordon Brown ramped up the pressure on former Royal Bank of Scotland (RBS) chief Fred Goodwin yesterday, saying legal action may be used to claw back some of Mr Goodwin's multi-million-pound pension.
Speaking to reporters, Mr Brown said the government was taking legal advice to see if a 'substantial part' of Mr Goodwin's £693,000 (S$1,517,693) a year pension could be forcibly returned.
RBS reported a loss of £24.1 billion on Thursday, the largest in British corporate history, and the government is now the major shareholder in the once booming, now bailed-out bank.
Mr Goodwin has said he has no intention of giving up his benefits.
Mr Brown said: 'It's a matter of legal consideration. We obviously are consulting with the legal advice that is necessary.
'We've got to look at what we can do. If we have the legal power to do so we believe that part - a very substantial part - of that pension should be returned.'
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</TD></TR></TBODY></TABLE>Mr Goodwin, who left RBS in October when the government bailed out the acquisitive bank, has refused to give up any of his £16 million pension pot, saying he has already forfeited salary payments and other benefits since he stepped down.
The row threatens to become a major political issue, with the public angry the government has not done more to rein in banking excesses, now that tax payers are propping up banks, and Mr Brown himself angry at Mr Goodwin's intransigence. -- Reuters
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</TD></TR><TR><TD vAlign=top width=452 colSpan=2>UK mulls legal action to claw back ex-RBS chief's pension
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BRITISH Prime Minister Gordon Brown ramped up the pressure on former Royal Bank of Scotland (RBS) chief Fred Goodwin yesterday, saying legal action may be used to claw back some of Mr Goodwin's multi-million-pound pension.
Speaking to reporters, Mr Brown said the government was taking legal advice to see if a 'substantial part' of Mr Goodwin's £693,000 (S$1,517,693) a year pension could be forcibly returned.
RBS reported a loss of £24.1 billion on Thursday, the largest in British corporate history, and the government is now the major shareholder in the once booming, now bailed-out bank.
Mr Goodwin has said he has no intention of giving up his benefits.
Mr Brown said: 'It's a matter of legal consideration. We obviously are consulting with the legal advice that is necessary.
'We've got to look at what we can do. If we have the legal power to do so we believe that part - a very substantial part - of that pension should be returned.'
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The row threatens to become a major political issue, with the public angry the government has not done more to rein in banking excesses, now that tax payers are propping up banks, and Mr Brown himself angry at Mr Goodwin's intransigence. -- Reuters
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