3Apr 2017

HBOS fraud ‘covered up for nine years’

Andy Hornby was group chief executive of HBOS until its takeover by Lloyds MARK SOMERVILLE

One of Britain’s largest frauds, which destroyed hundreds of small businesses that banked with Halifax Bank of Scotland (HBOS), was covered up for nine years, according to an internal report seen by The Sunday Times.

The estimated £1bn scam was “concealed” by several HBOS executives, according to a report by a senior employee at Lloyds, which merged with HBOS months later.