LIBOR: Fraud:Written question - 155656

Q
(Hayes and Harlington)
Asked on: 20 June 2018
Treasury
LIBOR: Fraud
Commons
To ask Mr Chancellor of the Exchequer, how many (a) individuals and (b) organisations have been charged with rigging LIBOR since 2010; and what the outcome was of those charges.
A
Answered by: John Glen
Answered on: 28 June 2018

The Serious Fraud Office began an investigation into the manipulation of interbank lending rates in 2012.

In relation to EURIBOR, 11 individuals have been charged, five of whom are currently at trial. One defendant has pleaded guilty to the charges. There are currently European Arrest Warrants issued in respect of the remaining five suspects.

In relation to LIBOR, 13 individuals have had criminal proceedings brought against them. Four trials have concluded, which includes a retrial. These trials have resulted in five convictions and eight acquittals.

No organisation has been charged as part of the SFO investigations, but the FCA have fined seven banks a total of over £757m for LIBOR and EURIBOR related misconduct. There have also been enforcement proceedings in other jurisdictions.

Grouped Questions: 155657

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