Former RBS banker is jailed for hiding losses
A former Royal Bank of Scotland banker who racked up £19.5m losses, then admitted to committing fraud trying to hide them at the British taxpayer-owned bank, was yesterday jailed for 50 months.
Shirlina Tsang, 43, admitted to a court in Hong Kong, where she worked for RBS, that she had created false records of her bond trading between 2010 and October 2011 to make it appear she was generating profit. Her lawyer cited the Nick Leeson case in her plea for leniency, saying Tsang’s case was far less serious. Mr Leeson, the Barings banker, covered up losses of more than £800m in Singapore which caused the investment bank’s collapse, Tsang’s lawyer Edwin Choy said.
Mr Leeson was sentenced to six and a half years’ prison in 1995 after admitting fraud.
Mr Choy said Tsang, who had worked for RBS since 2004, had returned bonuses worth HK$1.05m (£86,000) to RBS to show her remorse. “Her crime is simply that she had concealed her losses,” Mr Choy said.
He added that her “colossal misjudgement” was due to pressure at work and depression caused by her brother’s death. Her sentence could have been up to seven years.
“This is an extremely serious offence,” District Court Judge Garry Tallentire said as he handed down the sentence. “Your acts led to enormous losses by RBS.”
RBS said: “As a result of an internal review about two years ago, we discovered suspected fraudulent activities concerning a former member of staff in Hong Kong.”
- 1 BBC election debate: The one photo that summed up the whole 90-minute leaders debate
- 2 A bottle of wine a day is not bad for you and abstaining is worse than drinking, scientist claims
- 3 18th century sex toy found in 'toilet of sword fighting school' in Poland
- 4 'I wish my teacher knew...': Young students share their 'heartbreaking' worries in notes
- 5 Rebecca Francis accuses Ricky Gervais of using 'influence' to target female hunters after receiving barrage of death threats
General Election 2015: David Cameron catching up in polls – but he badly needs a clear lead
The Hubble Space Telescope's amazing journey 25 years on
South Africa xenophobic attacks: Shops looted and violence on streets of Johannesburg as foreigners are forced to hide in police stations
Earthworms rain down from skies over Norway, puzzling scientists
18th century sex toy found in 'toilet of sword fighting school' in Poland
The only black face in the Ukip manifesto is on the page about overseas aid
Ukip is the only main political party to not address LGBT rights in its manifesto
If I’m being racially abused I don’t need a stranger with a saviour complex to rescue me
BBC election debate: The one photo that summed up the whole 90-minute leaders debate
Religion isn't growing, it is becoming vigorous in its demise, says philosopher AC Grayling
Russian warships in English Channel 'to conduct anti-aircraft and anti-submarine military drills'
iJobs Money & Business
£20000 - £25000 per annum + OTE £45,000: SThree: SThree Group have been well e...
£50000 - £667000 per annum + excellent benefits : Ashdown Group: IT Manager / ...
£13000 - £20000 per annum: Recruitment Genius: Scotland's leading life insuran...
£40000 - £45000 per annum + benefits : Ashdown Group: Training Programme Manag...