by Wadsam | July 7, 2012 9:24 am
The Serious Fraud Office (SFO) has confirmed that a formal investigation is launched into the rigging of inter-bank lending rates.
The individuals involved in the rigging as a result of the investigation could receive with criminal charges.
The Chief Secretary to the Treasury, Danny Alexander, is happy about the decision and said the government would make sure to provide all resourced needed by SFO to conduct this investigation.
“I want the SFO to follow the evidence wherever it goes, to bring prosecutions if they can.”
Barclays Bank was recently fined USD 450 dollars for manipulating its Libor rating. Other banks are also believed to be involved in the scandal.
The US Department of Justice is carrying out its own criminal investigations on the rigging.
The scandal has led to the resignation of the CEO of Barclays, Bob Diamond, and two other senior executives.
The SFO is responsible for investigating allegations of serious and complex frauds. It considers whether to prosecute using a number of criteria, including whether it is a matter of public concern, and whether the value of any fraud is more than £1m.
Source URL: http://wadsam.com/international-business-news/fraud-investigations-launched-on-libor-rigging-by-serious-fraud-office-3110/
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