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Written question asked by John McDonnell (Labour) on Wednesday, 20 June 2018, in the House of Commons. It was due for an answer on Monday, 25 June 2018. It was answered by John Glen (Conservative) on Thursday, 28 June 2018 on behalf of the Treasury.

LIBOR: Fraud

Question

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.

Answer

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.

Secondary information

Type
Written question
Reference
155656
Session
2017-19
Grouped for answer
Yes
Subjects
Fraud Prosecutions LIBOR
Contains statistics
Yes
Link
View this Written question on www.parliament.uk