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News : UK Economy Last Updated: Dec 11, 2012 - 3:25 PM


LIBOR arrests in London
By Finfacts Team
Dec 11, 2012 - 3:20 PM

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Sunset at Tower Bridge Credit: Vic Thomasson, City of London

Today the UK Serious Fraud Office (SFO), with the assistance of the City of London Police, executed search warrants at three residential premises in Surrey (1) and Essex (2).  Three men, aged 33, 41 and 47, have been arrested and taken to a London police station for interview in connection with the investigation into the manipulation of LIBOR.  The men are all British nationals currently living in the United Kingdom. 

Tuesday's developments marks a new phase in the civil and criminal investigations of attempted rigging of the London interbank offered rate, or LIBOR, and other widely used benchmark interest rates. More than a dozen banks are under investigation by authorities in several countries.

The SFO began its criminal investigation in July, shortly after Barclays PLC agreed to pay roughly $450m to settle US and British allegations that its traders and executives were involved with attempted rate-fixing. US criminal authorities have been investigating rate-rigging for much longer but haven't yet charged anyone.

June 2012: Barclays Bank pays fines of £59.5m and $360m for fraudulent manipulation of LIBOR and EURIBOR interest rates

Check out our subscription service, Finfacts Premium , at a low annual charge of €25 - - if you are a regular user of Finfacts, 50 euro cent a week is hardly a huge ask to support the service.

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