Absolutely Gardie
Go to a bank for a personal loan to buy a property and that bank will ask you to produce documentation on how and what the money is being used for. And we are only talking about relatively small amounts of loans . My understanding is that RBOS took it on face value that the money would be used to buy assets into the Fund, and that only sometime afterwards ,when the loan covenant had been breached ,did they actually make enquiries, and ask for proof of exactly what assets had been purchased . I do not believe they had the slightest idea that the loan would be used to immediately pay out Fortress in a 24 hour period . At some stage they started to smell a rat and became desperate to retrieve the funds. But this does not detract from the fact that they did not do due diligence . The monies were stolen directly from them by Octavier directors for a fraudulent purpose ,and therefore the transaction would have been voidable in any court of law.
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