The system was flawed, says lawyer acting for trader accused of Euribor rigging June 14, 2018 The barrister defending a former Barclays trader accused of taking part in a conspiracy to rig the Euro Interbank Offered Rate (Euribor) has said the system was "flawed" and that his client never acted dishonestly. Sean Larkin QC is defending Carlo Palombo against accusations of rigging the interest rate relied on by a number of [...]
Euribor developer says it was ‘natural’ for banks to consider their commercial interests in rate submissions June 4, 2018 A senior executive responsible for developing the Euro Interbank Offered Rate (Euribor), which became the centre of a rigging scandal, has said it was "just natural" for traders to take into account their banks' commercial interests when submitting rates into the market. Helmut Konrad, a former president of the ACI in Germany who helped [...]
Former Barclays Euribor trader describes losing “a lot of money” in first trade May 29, 2018 A former Barclays trader who stands accused of rigging the European Interbank Offered Rate (Euribor) for commercial gain told a London court she feared losing her job when she lost "a lot of money" on her first trade. Danish national Sisse Bohart, 40, told Southwark crown court that despite being given a target of raising [...]
SFO brings further charges against two people in ongoing Unaoil investigation May 22, 2018 The Serious Fraud Office (SFO) has announced that it is bringing further charges in the ongoing investigation into accusations of bribery, corruption and money laundering at Unaoil. The SFO said today that Basil Al Jarah and Ziad Akle have been charged with conspiracy to give corrupt payments to secure the award of a contract worth [...]
Barclays Qatari loan fraud charges thrown out by Crown Court May 22, 2018 Barclays celebrated a significant victory over the Serious Fraud Office (SFO) yesterday when the Crown Court dismissed charges surrounding the bank’s huge capital raising during the financial crisis a decade ago. The SFO alleged that a $3bn (£2.2bn) loan Barclays gave Qatari investors led to the Qatari acquisition of shares in a Barclays fundraising, an [...]
Russian heyday of corruption is over, says MP on release of report into Kremlin money in London May 21, 2018 The days when Russian corruption was an acceptable part of business are over, the chair of the Foreign Affairs Select Committee has said. Speaking to City A.M ahead of the publication of a new report into corrupt Kremlin-connected money in the capital, Tom Tugendhat said the issue needed to be taken “very seriously”. The report, [...]
Outgoing Serious Fraud Office boss David Green QC in talks with magic circle firm Slaughter and May May 15, 2018 Former Serious Fraud Office (SFO) boss David Green QC is in talks to join magic circle firm Slaughter and May. Website Legal Week has reported that the former SFO director has made an application to the Advisory Committee on Business Appointments which decides on the suitability of new jobs for former senior civil servants and [...]
Recently disclosed UBS emails shed new light on alleged ‘ringmaster’ of Libor scandal Tom Hayes May 14, 2018 Recently disclosed emails between two senior employees at UBS shed new light on the character of Tom Hayes, the convicted former Libor trader who was accused of being the “ringmaster” in the interest rate fixing scandal that rocked the banking industry. A 2008 email exchange between two unidentified employees at the bank describe Hayes, who [...]
Lawyers slam SFO disclosure failings for ‘miscarriage of justice’ in Tom Hayes Libor conviction April 27, 2018 The legal team for convicted Libor trader Tom Hayes has slammed the Serious Fraud Office (SFO) for a series of disclosure failings they say led to a miscarriage of justice and his wrongful conviction. Hayes’s lawyer Karen Todner has written to parliament’s Justice Committee urging it to probe the SFO as part of an inquiry [...]
Property tycoon Robert Tchenguiz suffers blow in the Supreme Court over discretionary trust April 23, 2018 Property tycoon Robert Tchenguiz has lost a landmark Supreme Court judgment against a conglomerate of advisers he claimed acted negligently when his discretionary trust fell into financial difficulty. The London businessman, thought to be worth around £800m, accused various trustees of the Tchenguiz Discretionary Trust (TDT) of failing to alter the trust’s structure around the [...]