Financial Services: Prosecutions:Written question - 155658

(Hayes and Harlington)
Asked on: 20 June 2018
Attorney General
Financial Services: Prosecutions
To ask the Attorney General, how many (a) bank employees and (b) directors have been prosecuted for their role in the 2007-08 financial crisis; and what the outcome was of those prosecutions.
Answered by: Jeremy Wright
Answered on: 03 July 2018

The SFO has brought charges against four employees including former chief executives of Barclays Plc as part of its criminal investigation into Barclays and its capital raising arrangements with Qatar Holding LLC and Challenger Universal Ltd in June and October 2008. The case is ongoing.

Additionally, a total of 13 employees including former senior bankers have so far had criminal proceedings commenced against them for fraudulently fixing the London Interbank Offered Rate (LIBOR) in the run up to and during the crisis - four trials have concluded including a retrial. So far, in total, there have been five convictions and eight acquittals. Those convicted were jailed for a total of more than 27 years and each received confiscation orders totalling hundreds of thousands of pounds.

The SFO has also charged 11 employees including former senior bankers in respect of fixing the European Interbank Offered Rate (EURIBOR), five of which are currently at trial. One defendant, Christian Bittar, a former Managing Director, has pleaded guilty to the charges. There are currently European Arrest Warrants issued in respect of the remaining five suspects.

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