Now Scotland probes firms over rate fixing

 
Marion Dakers
SCOTTISH prosecutors yesterday went public with their own investigation into the banking sector.

The Crown Office confirmed that an ongoing probe into the financial sector in Scotland will be extended to cover Libor-rigging “as a result of recent developments”.

It said the probe had been underway for some time, but decided to reveal its investigation “given the degree of public concern” about the banking industry.

But the details remain sketchy, with the office tight-lipped about the names or number of banks under scrutiny and the full remit of the probe, saying in a statement that “as the investigation is ongoing, it would not be appropriate to comment further”.

The Serious and Organised Crime Division is leading the investigation, said the Crown Office, the body responsible for deciding whether to bring criminal prosecutions in Scotland.

Royal Bank of Scotland, headquartered in Edinburgh, is one of several institutions being looked at by UK authorities in the ongoing efforts to uncover the full extent of Libor-fixing in recent years.