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New documentary claims Nobu Su was ‘turned over’ by RBS

Splash has obtained an exclusive pre-screening of The Outsider, a documentary focusing on the life of Taiwanese shipping magnate, Nobu Su. Contained within the 100-minute-long film are extremely disparaging remarks from a former employee of the Royal Bank of Scotland (RBS), who alleges that the British financial institution swindled Su out of millions of dollars at the time of the global financial crisis in 2008 in order to keep the bank afloat.

Su has been running a long campaign against former senior executives of RBS including the former boss of the bank, Fred Goodwin.

“I believe RBS used my own accounts to make their own balance sheet appear stronger than it was so they would be qualified to be bailed out by governments,” Su says in the documentary.

The documentary features a conversation with an unnamed ex-RBS employee who first contacted Su’s team in 2014 with incendiary claims about how the bank defrauded the fallen Asian tycoon, causing Su to default.

The source claims that RBS falsified margin calls.

“I know that statements were falsified. We used to cut and paste the numbers onto his statement as well as falsifying margin calculation. To me, I’d say that’s fraudulent,” the banking source claimed.

The source went on to focus on one particular controversial FFA trade with Polys Haji-Iannou, the head of World Tankers Management.

“If you’re front running an order that is in effect stealing,” he said.

The banker estimated the losses Su had made thanks to RBS were in the region of $150m to $200m.

“He’s definitely, definitely been turned over,” the ex-RBS executive said.

RBS responded to the documentary maker, saying: “We deny any wrongdoing and the matter was settled on a full and final basis.”

The film also goes on to deal with another alleged corruption scandal between Su’s company, TMT, and one of Taiwan’s top banks, Mega Bank.

The Outsider is due to premiere in London on April 20 and Splash will be carrying a review of the film the next day. Tickets are available by clicking here.

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Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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