Exceptionally private equity

20 May 2003 By Rob Cox Follow @rob1cox

As German regulators examine WestLB’s controls, they should examine how Robin Saunders came to own 0.5% of top client BHS. The investment potentially eroded the natural tension that ought to exist between a lender and a borrower.

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WestLB said it is looking into the activities of its Londonbased principal finance group following a 2002 loss of E1.7bn.

The losses included a writedown of several hundred million euros for a financing of a UK appliancerental business, Boxclever.

Robin Saunders leads the bank's Londonbased principal finance group which oversaw the Boxclever deal, under which bonds were sold that were backed by rental income.

The deal is being looked at by the German securities watchdog BaFin, according to press reports. Robin Saunders and WestLB declined to comment on the matter.

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