Leading bank defends claim of negligence

Izodia plc is this week pursuing Royal Bank of Scotland International on the grounds of negligence and debt in a civil case through the Royal Court.

The bank is claiming that it had the authority to transfer the funds.

In his opening address yesterday counsel for Izodia, Advocate Olaf Blakeley, submitted that a fraudulent scheme had been devised by St Saviour resident Gerald Smith to transfer the £27.25 million from an account which Izodia held at RBSI to an account held by the Orb Group, of which Smith was ‘the driving force’.