UK-US Extradition Treaty

I will give way to the hon. Gentleman when I have finished these points, as I know that he is concerned about this issue in relation to his constituent. On 14 January 2004, Mr. Fastow pleaded guilty on two counts, including conspiracy to wire fraud. There was also a plea agreement entered into with Mr. Kopper. In this, it became clear that allegations had been made, including this claim by Mr. Fastow:"““In…February 2000, I and others, including three bankers employed by NatWest, participated in a scheme to extract…increased value by defrauding Enron and NatWest.""Enron paid $30 million for the Swap Sub buyout. That price was based on my misleading representation to Enron that the limited partners of Swap Sub had agreed to sell their interests in Swap Sub for $20 million and $10 million, respectively. In fact, NatWest had agreed to sell its interest for only $1 million, not $20 million. I knew that the NatWest bankers induced NatWest to sell its interests in Swap Sub for $1 million at a time they knew the interest was worth significantly more.””" In summary, the SFO took the view that the case involved an allegation that UK-based employees conspired with US Enron executives. The main evidence was in the USA—that is, the co-conspirators. As the conspiracy took place there, no complaint has been received in the United Kingdom. The fraud could not have occurred without the complicity of the Enron executives, some of whom were key witnesses. The case was well advanced in the USA, and it was thought that in the overall interests of justice it would be best dealt with by one court in the USA. Mr. Justice Evans made a very important point that I want to put to the hon. Member for Henley:"““The reality is that were the SFO to commence an investigation, then, by the time they were ready to launch a prosecution, there would be defence submissions inviting the court to stay the prosecution as an abuse because of what by then would be considerable delay. Additionally and crucially, Kopper and Fastow are important witnesses for the prosecution. They are readily available to give evidence in the States and not in the UK.””"