At the end of last year, Mitsubishi UFJ Financial Group(MUFG) in Japan signed buying 3.3billions pounds of project finance assets from the Royal Bank of Scotland Group. The deal will be completed at the middle of this year, but gradually some doubts have emerged around the MUFJ. The assets which MUFJ bought from RBS are mainly belongs to EMEA(Europe,Middle East and Africa), and focused to resources exploitations,electric developments, building infrastructures and so on.
So far bailed-out bank RBS has related several dodgy deals, such as BTC oil pipeline and Sahaline 2 project, and there are strong UK taxpapyers’ pressures to the bank asking to change the bank’s behaviours more green and clean one. This means the dodgy deals and assets would be thrown away from newly revived bank to buyers such as MUFJ. We think whether MUFJ can check and improve the contents of the assets from RBS. Passing dodgy deal to one bank to another should be said deceits. (FGW)
MUFJ press release http://www.mufg.jp/data/current/pressrelease-20101217-001-e.pdf
Protests outside treasury over RBS oil investments(BankTrack)
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