Libor accused to wait until 2016 for fraud squad’s trial to begin

Tim Wallace
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THE SIX bankers accused of attempting to fiddle interest rate benchmark Libor will not know their fates for at least another two years, after a court hearing yesterday.

The scandal broke more than two years ago when Barclays was fined over claims its staff tried to manipulate the rate.

And six of its workers have been charged with conspiracy to defraud by trying to influence Libor, after a Serious Fraud Office (SFO) probe.

Peter Johnson, Stylianos Contogoulas, Jonathan Mathew, Alex Pabon, Jay Merchant and Ryan Reich have not yet entered pleas in court.

Yesterday’s hearing at Southwark Crown Court was held to discuss a trial date, and it is now expected to take place in 2016. Their lawyers were unable to comment last night.

Meanwhile the Serious Fraud Office launched a criminal probe into claims of manipulation in the foreign exchange markets. The new study is a result of information unearthed in the previous probe into Libor.

Regulators from the Bank of England and the Financial Conduct Authority are studying a range of other benchmarks to decide which need extra scrutiny or should face new legislation.

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