British bankers may face US trial over Enron

Three British former-bankers are to appeal a decision by a judge that they could be extradited to the United States to face trial…

Three British former-bankers are to appeal a decision by a judge that they could be extradited to the United States to face trial over alleged fraud charges relating to disgraced US energy group Enron.

Their extradition case comes under UK legislation in force since January this year that was originally designed to speed up the extradition of suspected terrorists.

If extradited, the three have argued they could face bankruptcy and up to 35 years in prison if found guilty. They have argued they would have to pay their own legal costs, estimated at $1 million (€800,000) to $2 million, and would be unlikely to be granted bail.

Mr David Bermingham, one of the three former bankers, said after today's ruling they would appeal to the High Court in London.

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The three Britons - Mr Gary Mulgrew, Mr Giles Darby and Mr Bermingham - who worked for NatWest Bank, have 14 days to lodge their appeal.

Judge Nicholas Evans had told the court there was a good basis for the three to be prosecuted in the United States. He said the process of extradition was necessary in a democratic society and he did not consider that it breached their human rights.

His recommendation goes to the British Home Secretary David Blunkett.

The three bankers have been fighting extradition to the United States over allegations they conspired with Enron executives, including former finance chief Andrew Fastow, over the sale of a stake in an Enron entity in 2000.

US prosecutors have accused the three of seven counts of "wire fraud" through the US banking system and are seeking to extradite them for trial in Houston, Texas.

The three, who deny the allegations, want their case heard in Britain and have said they are willing to comply with any investigations.

They are each alleged to have made £1.5 million after selling an interest held by Greenwich NatWest, a unit of NatWest, in an Enron entity at a cheap price, pocketing the difference.