Dutch Taxman Said To Investigates RBS Over Hourican Home Purchase

Bulldozed House

Royal Bank of Scotland is under investigation by the Dutch tax authorities over a deal that saw it pay £4.3m to buy the Amsterdam home of outgoing investment banking chief John Hourican.

The Daily Telegraph reports that the bank bought the property from Hourican in 2009. After struggling to sell it for several years, it then offloaded the home and claimed a loss of around £1.9m.

The Dutch authorities are understood to have raised a series of questions about the transaction. While the exact nature of the investigation is unclear, it is thought the authorities are disputing the price the bank allegedly paid for the property, believing it was above the usual market value for similar homes.

Tax experts believe the authorities are examining whether part of the headline purchase price was in fact an unorthodox cash bonus for Mr Hourican, which should have been disclosed.

Hit the link below to access the complete Daily Telegraph article:

Dutch taxman investigates RBS over John Hourican home purchase

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