Update - Shipowner Considers Legal Action Against RBS After $1 Billion Loss

RBS was conducting clearing for TMT of its Freight Forward financial instruments.

* Corrects source of the statement to be TMT, not Bird & Bird

Today Makes Tomorrow (TMT), formerly Taiwan Marine Transport, says it is considering legal action against the Royal Bank of Scotland (RBS) over its role in the Taiwanese shipowner's 2008 loss of over $1 billion, according to an emailed statement by TMT.

TMT said that in 2008 RBS was conducting clearing for its Freight Forward financial instruments, and after suffering significant losses during that period, questioned the role played by the bank and its senior futures staff in its affairs.

However, TMT claim the bank have refused to hold a full investigation, and have been dismissive of approaches made to the RBS CEO by TMT's owner.

"I find it extraordinary that the new leadership of RBS are refusing to conduct a full investigation into the way RBS handled my company's affairs in 2008. I have therefore retained Bird & Bird, the London law firm representing the RBS shareholders over the 2008 rights issue," said TMT executive chairman Nobu Su.

"They have a clear understanding of the culture of RBS at that time, highlighted in recent press news, including the banks flagrant disregard for basic corporate governance including the Director's fiduciary duties and inadequate internal fire walls between key departments of the bank."

Last month Nobu Su stepped down as the company's chief executive and brought in financial advisors AlixPartners to oversee a restructuring of the business, TradeWinds reported.

TMT said Bird & Bird were in Taiwan examining a dossier of evidence on the matter.