Shipping magnate brings lawsuit worth billions against Fred Goodwin

Taiwanese billionaire Nobu Su, 59, the chairman of Today Makes Tomorrow (TMT), has accused Mr Goodwin, as well as two of his colleagues and the bank itself, of using TMT’s accounts as “unlimited cash machines”.

He claims Mr Goodwin “siphoned off” billions of dollars from the company.

He adds that the banker and colleagues Neena Birdie and Marie Chang practised insider trading and manipulated shares worth almost $100m.

Their actions, he claims, cost the family business $3.6bn (£2.5bn).

Mr Su began legal proceedings in 2014 but dropped the case when a court ruled it would have to be heard in London.

The tycoon is now bringing a case against Mr Goodwin, Ms Birdie, Ms Change, the bank itself (trading as RBS Greenwich Futures) and the Royal Bank of Scotland PLC (Singapore Branch).

Speaking from his home in Japan, Mr Su said: “After what has been an especially difficult decade due to our relationship with RBS, I now fully intend to recover my firm’s losses in full.

“I intend to bring a legal action against those involved in London where, I trust, justice will be served.”