Investor takes on Coutts over AIG failure

Sir Keith Mills, one of the central figures of the London 2012 Olympic Games, has launched a campaign that aims to hold bankers Coutts to account. Mills claims Coutts told him his money would be “safe” in bonds from stricken US insurance company AIG.

Sir Keith Mills (pictured), one of the central figures of the London 2012 Olympic Games, has launched a campaign that aims to hold bankers Coutts to account. Mills claims Coutts told him his money would be “safe” in bonds from stricken US insurance company AIG.

In an open letter placed in full-page adverts in the national press today (December 19), Sir Keith calls on other Coutts customers who have been “caught up in the problems with AIG Life Premier Bonds” to form an action group and has launched a website for the purpose.

Sir Keith, who orchestrated London’s 2012 Olympic bid, details how Coutts recommended the AIG bonds to him as a way of protecting his capital and told him they were “safe”. He says that when negative press reports about AIG appeared he asked Coutts about the safety of keeping his money with AIG. Sir Keith says Coutts replied that they did not have any concerns about the bonds so he retained them.

AIG has since been subject to a £56bn bail-out by the US Government. He says Coutts customers face the prospect of withdrawing their money now and incurring huge losses or leaving their money tied up in AIG for three and a half years with “no certainty” that the money will ever be returned.

Sir Keith is believed to have made significant fortunes from founding the Air Miles loyalty scheme and then heading the Nectar rewards programme.

Knowledge Bank

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