3 men arrested for involvement in Libor probe

in International Business

3 men arrested for involvement in Libor probe

BBC-Three men have been arrested in connection with continuing investigations into the manipulation of the Libor inter-bank lending rate.

The three men – aged 33, 41 and 47 – have been taken to a London police station for interview.

The Serious Fraud Office has issued search warrants for three properties in the South East of England – one in Surrey and two in Essex.

All three men are British nationals living in the UK, a statement said.

In July, the SFO said it had formally launched a criminal investigation into the rigging of inter-bank lending rates.

As well as individuals, a number of major banks are also being investigated by regulatory authorities in the UK and the US over attempts to manipulate the rate, one of the most important in the UK economy.

The daily Libor rate is calculated from banks’ estimates of how much it costs them to borrow from other banks, and is used as the basis for some retail bank and mortgage rates.

In June, Barclays bank was fined £290m for attempting to manipulate the rate.

A report written by the Financial Services Authority’s managing director Martin Wheatley in September said the Libor system was broken and in need of a complete overhaul, including criminal prosecutions for those who try to manipulate it.

Mr Wheatley said bankers guilty of fixing Libor in the future could be jailed.


Tags assigned to this article:
BarclaysLibor probeLIBOR rateUK scandal

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