Rick Haythornthwaite, former CEO of MasterCard, has been appointed as the new chairman of NatWest. However, his previous role in PetroSaudi International Ltd, the British arm of international oil group PetroSaudi, has raised scrutiny due to its involvement in one of the world's largest financial scandals. Haythornthwaite worked for PetroSaudi for eight years and received an annual remuneration of £200,000. The company has been accused of participating in a plan to divert hundreds of millions of dollars from 1MDB, a sovereign wealth fund created to benefit Malaysia and its people. While no evidence of wrongdoing by Haythornthwaite has been found, questions have been raised about his judgment in working for the oil company and how he responded when the allegations were initially made.
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