NORTHERN Rock shareholders have called for a new look at the handling of the collapsed bank’s nationalisation five years ago.
The Northern Rock Shareholders Action Group has argued the system to calculate compensation, for people whose shares were compulsorily bought up, is skewed to minimise any pay-out.
The case made it as far as the European Court of Human Rights, but last year the court announced its was refusing even to look at the case and suggested there was no right of appeal.
Group chairman Chris Hulme said: “It is unacceptable that the very laws created to protect rights and ownership of property can be ignored in this way.”
The group wants to see the whole privatisation process reviewed in light of revelations about the handling of the banking crisis since Northern Rock’s collapse.
“In light of the admissions of failings in the regulatory framework, it stands to reason that a fresh look at the evidence surrounding the nationalisation of Northern Rock, could bring the UK courts to a more informed decision on how arbitrarily and unfairly the Compensation Order of February 2008 treats the former shareholders of Northern Rock compared with all other UK banks,” said Mr Hulme.
“The Labour-rigged valuation of zero compensation is simply not credible when compared with the 2012 UKFI assessment of an £11billion surplus over 15 years.
“Once again private investors, tax payers and Northern Rock employees have been badly let down by an uncaring Government not just at home, but in Europe.
“We fully expect there to be further revelations as time passes and the truth will out - we will not give up.”