After the NatWest bank spend some £1m on compensating those who were sexually abused Jimmy Savile, it was accused of ‘robbing’ the victims. NatWest, which is the trustee of Jimmy Savile’s estate, has put the asset distribution on hold as impending compensation claims come from those sexually abused by the late television presenter.
The real estate, initially worth £4.3m has shrunken in value to £3m, and that significant reduction has become a concern for the lawyers, acting for the child abuse case victims, as the estate could provide the necessary compensation. Some experts say that the cost dropped because NatWest is spending significant amounts on lawyers and administrating the estate. The event triggered numerous accusations of the depletion of the funds, as a result of bank’s illicit actions.
Since Savile presented ‘Top Of The Pops’ back in 1964, he has been a household name. Some 450 victims have alleged incidents against the disgraced television presenter, making the “predatory sex offender” as police described him, one of the most prolific sex offenders in British history. Savile was knighted in 1996 and died in the age of 84 on October 29, 2011. £70,000 of the estate was spent on the funeral. Some say, the rest of the funds was ‘milked’ by the bank. Savile’s will was perceived as an attempt to bequeath the savings and assets to 26 beneficiaries, one of which was the Jimmy Savile Charitable Trust, founded in 1984.
Notably, NatWest is one of the number of banks, whose reputation came under scrutiny in the series of Libor rate fixing scandals.