ANDREW FASTOW’S allegation that the NatWest Three were involved in the financial deceits which brought down Enron does not mean the men are guilty. But it does mean that they have a case to answer — a case which is rightly being tried in the US.

The US has had no particular beef with British businessmen. It seeks out suspects of white-collar crime whoever they are, wherever they are. Kobi Alexander, the chief executive of Comverse Technology, was apprehended this week in Namibia, ending his two-month flight from American law enforcers seeking to prosecute him for the back-dating of stock options. The “perp walk” — the US practice of hand-cuffing and frog-marching a multi-millionaire American executive out of his office and into a waiting police car in full view of the waiting, tipped-off camera crews — has become a regular feature of the nightly news in the US. Foreigners who do business in America know full well that the Land of the Free is not nice to criminals, nor even criminal suspects.

The public outcry over the extradition of the NatWest Three — Gary Mulgrew, David Bermingham and Giles Darby — has from the outset felt like a misplaced, sometimes mendacious venting of national frustration at Washington.

The fact is that this case has nothing to do with the war in Iraq, with the presidency of George W. Bush, with Tony Blair’s Atlanticist inclinations. Even the esteemed British chief executives and chairmen who signed up to the letter calling for fair trials abroad looked like suckers: their campaign seemed to put patriotism, even a huffy anti-Americanism, before the due process of law.

Certainly, they had a just complaint: the British Government agreed an extradition treaty without securing reciprocity from the US. But, for that, more fool the British Government. It knows a pledge from the Administration will not necessarily be honoured by Congress, particularly involving the issue of extradition.

Fastow’s claims against the three British men may be suspect. The quiet chief financial officer of Enron has made a second career for himself shopping his old acquaintances. In 2002, he was indicted on 78 counts of fraud, money-laundering and conspiracy. Thanks to his “co-operation with the authorities”, he has been sentenced to six years in prison.

Nonetheless, Fastow’s legal deposition describes a “close, personal relationship” with Mulgrew. Enron collapsed in 2001, undone by an intricate, ingenious web of financial fraud. Fastow claims that, in his financial dealings with the men as late as 2000, they “knew what I expected”. The deposition seems to skewer the argument that the men should be tried in Britain. They may have to face allegations of defrauding their former British employers too, but if they played a part in Enron’s downfall, then they have a case to answer in America as well. There is a principle at stake, one which underpins global capitalism and one which is as dear to every Briton as it is to every American: respect for the due process of law.

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