New Natwest chair faces questions over work done for firm involved in 1MBD scandal
Natwest’s new chair Rick Haythonthwaite has attracted attention over his work for Geneva-based oil firm Petrosaudi.
According to a report in The Observer, Haythornthwaite worked for Petrosaudi’s UK arm for eight years in roles including president and chair of the operating businesses – both of which are advisory roles. His roles were focused on the production activities of the UK subsidiary.
The wider group is alleged to have been involved in a scheme to embezzle billions from 1MDB, Malaysia’s sovereign wealth fund.
The Observer clarified that there is no suggestion that Haythornthwaite was involved in any wrongdoing, but said the roles raises questions about his judgement. He was not charged as part of any authorities’ investigations into the 1MDB scandal.
A source close to Haythornthwaite said “he was not privy to the actions of the owners” of Petrosaudi, but added that he decided to step away from the firm in 2016 “shortly after” initial press reports raised claims of potential misconduct at the firm.
A Natwest spokesperson said: “At no time has Rick Haythornthwaite been a director of Petrosaudi International (UK) Limited (now PSI Group Services Limited, as is clear from disclosures on Companies House.)”
Haythornthwaite was appointed chair of Natwest last week, replacing Howard Davies.
The bank is still reeling from the debanking scandal involving former UKIP leader Nigel Farage. Bank documents obtained by Farage showed that private bank Coutts, which is owned by Natwest, had closed his bank account partly because of his political opinions.