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Addressing Hester and the rest of the RBS board at the bank’s annual general meeting on 19 April 2011, shareholder and former SME customer Nigel Henderson said, ‘The jackboot culture is alive and kicking – literally as well as metaphorically – within your bank, despite your pious statements.’ Henderson alleges the bank misappropriated the Portree Hotel, on the Isle of Skye, and the £800,000 from the sale of the Park Hotel, in Montrose, from him. Henderson, having built a business worth £2 million making profits of £400,000, became an RBS customer in July 1997. He says, ‘Before signing two personal loan agreements for £400,000, I made it clear to the bank that we intended to redeem the proposed loans early. The bank assured us that this would be fine, that the maximum penalty would be three months’ interest, and that the loan documents would be drawn up accordingly. In November 1998 we deposited more than £800,000 with RBS, intimating we wished to exercise early redemption, as agreed. But they demanded £240,000, seized our cash and refused to allow us to exit the loans. They had embarked on a conscious process of deceit to engineer our total financial destruction.’ In early 2014, RBS headed off a Police Scotland inquiry into the matter by refusing to provide detectives with requested paperwork, and on 30 April 2014, an executive assistant of Sir Philip Hampton wrote to Henderson saying, ‘The bank’s position remains that it does not accept the allegations you continue to assert.
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