LONDON: The Royal Bank of Scotland blew up as much as 200 million pound on top sports stars, including Indian cricket maestro Sachin Tendulkar, under the bank's former chief executive Fred Goodwin, media report said.
"Royal Bank of Scotland (RBS), bailed out with billions of pounds of taxpayers money, hired top sports stars on "reckless" contracts to entertain clients as part of a 200 million pound sponsorship binge," the Sunday Times said.
Sir Fred Goodwin, the bank's former chief executive, agreed contracts of up to five years just weeks before he was ousted last October, the Sunday Times said adding that "Sachin Tendulkar, the Indian cricket hero, signed a five-year deal just weeks before Goodwin was ousted."
RBS, which announced a 28 billion pound loss last month, the biggest in British commercial history, said it was obliged to honour deals agreed under Goodwin.
This news follows a row over RBS's plan to defy public opinion by paying almost one billion pound in bonuses.
Reacting to this John Mann MP, a member of the Treasury select committee, said: "They (RBS) have been reckless yet again. This doesn't seem to be a bank that could do anything in moderation. It now needs to realise the golden days are over."
Soruce: http://timesofindia.indiatimes.com/Business/RBS-spent-200m-on-Sachin-stars/articleshow/4132434.cms
"Royal Bank of Scotland (RBS), bailed out with billions of pounds of taxpayers money, hired top sports stars on "reckless" contracts to entertain clients as part of a 200 million pound sponsorship binge," the Sunday Times said.
Sir Fred Goodwin, the bank's former chief executive, agreed contracts of up to five years just weeks before he was ousted last October, the Sunday Times said adding that "Sachin Tendulkar, the Indian cricket hero, signed a five-year deal just weeks before Goodwin was ousted."
RBS, which announced a 28 billion pound loss last month, the biggest in British commercial history, said it was obliged to honour deals agreed under Goodwin.
This news follows a row over RBS's plan to defy public opinion by paying almost one billion pound in bonuses.
Reacting to this John Mann MP, a member of the Treasury select committee, said: "They (RBS) have been reckless yet again. This doesn't seem to be a bank that could do anything in moderation. It now needs to realise the golden days are over."
Soruce: http://timesofindia.indiatimes.com/Business/RBS-spent-200m-on-Sachin-stars/articleshow/4132434.cms
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