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First criminal conviction in Libor rate-setting probe
Published in Saudi Press Agency on 07 - 10 - 2014

AlHijjah 13, 1435, Oct 7, 2014, SPA -- Britain had its first conviction Tuesday in the wake
of the alleged rigging of the London Interbank Offered Rate (Libor), according to dpa.
"This is the first criminal conviction arising from the Serious Fraud
Office's Libor investigation," the office said in a statement, adding
that "11 other individuals stand charge and await trial."
A court ruling prevents the naming of the bank executive who last
week pleaded guilty to a charge of conspiracy to defraud.
Libor is a benchmark that banks use to set the interest rate they
charge each other when raising funds for mortgages and other
financial transactions around the world.
Last month Britain's Lloyds Banking Group sacked eight people over
the alleged Libor rigging scandal.
In July the Financial Conduct Authority (FCA) fined Lloyds 105
million pounds for an "extremely serious failing" related to Libor.
The Dutch Rabobank Group also paid the same amount last year for
Libor misconduct. Other banks have also been fined.


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