A FORMER trader at RBS has claimed the bank’s internal controls were so lax that staff that had nothing to do with LIBOR-setting could easily alter the bank’s interest rates submission.
Tan Chi Min, who is suing the bank for wrongful dismissal, made the claim in court documents filed in Singapore, which emerged yesterday. He says RBS’ minutes of his disciplinary meeting miss out details of conversations about how traders at the bank tried to alter the submissions.
In the documents he claims he told the disciplinary meeting that it seemed “anyone can change LIBOR.”
The bank declined to comment yesterday. It revealed in its first half results that its LIBOR activities are under investigation by authorities including the US Commodity Futures Trading Commission, the US Department of Justices (Fraud Division), the Financial Services Authority and the Japanese Financial Services Agency, as well as competition authorities in Europe, the US and Canada.
RBS confirmed several employees have been dismissed as a result of its own investigations.