The new chairman of NatWest is facing scrutiny over his former role with international oil group PetroSaudi, which is embroiled in one of the world’s biggest financial scandals.
City veteran and former MasterCard boss Rick Haythornthwaite worked for PetroSaudi International (UK) Ltd, the oil group’s British arm, for eight years, earning £200,000 a year.
The oil group is alleged to have been involved in a scheme to divert hundreds of millions of dollars from 1MDB, a sovereign wealth fund created for the benefit of Malaysia and its people.
There is no suggestion of wrongdoing by Haythornthwaite, but the scandal raises questions over his judgment in working for the oil firm and whether he responded appropriately when the allegations were first raised…
After the truth-shower 