Serious Fraud Office takes 11 from Barclays, Deutsche Bank and Societe Generale to court over Euribor rigging

Chris Papadopoullos
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They will appear at Westminster Magistrates Court on 11 January (Source: Getty)

The Serious Fraud office (SFO) is set to take 11 individuals to court for the rigging of a key European interest rate.

The European interbank offered rate (Euribor) is a rate at which banks can lend to one another in euros and which acts as benchmark for other interest rates.

The SFO named 10 of the individuals last month, adding Stephane Esper, an ex-Societe Generale employee, today. The bank confirmed that Esper left in 2009.

Six of those being charged, who will make their first appearance at Westminster Magistrates Court on 11 January 2016, were former Deutsche Bank employees. They were named as Christian Bittar, Achim Kraemer, Andreas Hauschild, Joerg Vogt, Ardalan Gharagozlou and Kai-Uwe Kappauf.

There were four ex-Barclays workers – Colin Bermingham, Carlo Palombo, Philippe Moryoussef and Sisse Bohart.

The investigation into Euriobor rigging was instigated as a result of the SFO's investigation of the manipulation of the London interbank offered rate (Libor).

Tom Hayes, charged in August this year for manipulating Libor, had is sentence cut from 14 years to 11 years today after an appeal.

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