Belfast Telegraph

UK Website Of The Year

Home News UK

Ten bankers charged over Euro rate rigging

Published 13/11/2015

They are due to appear at Westminster Magistrates' Court on January 11
They are due to appear at Westminster Magistrates' Court on January 11

Ten more bankers have been charged over rate-rigging, the Serious Fraud Office has announced.

The accused, six from Deutsche Bank and four from Barclays, are the first to face criminal proceedings as a result of the SFO's investigation into the alleged manipulation of the Euro Interbank Offered Rate (Euribor).

Deutsche Bank employees Christian Bittar, Achim Kraemer, Andreas Hauschild, Joerg Vogt, Ardalan Gharagozlou and Kai-Uwe Kappauf, and Colin Bermingham, Carlo Palombo, Philippe Moryoussef and Sisse Bohart from Barclays, face charges of conspiracy to defraud.

They are due to appear at Westminster Magistrates' Court on January 11.

The SFO said criminal proceedings would be "issued against other individuals in due course".

Euribor is the rate at which Euro zone banks borrow funds from one another.

A number of bankers have already been charged with manipulating the Libor rate. Libor, the London Interbank Offered Rate, is the rate that leading banks in London borrow funds from each other.

In August, Tom Hayes became the first person to be convicted of rate rigging by a British jury and was sentenced at Southwark Crown Court to 14 years in prison.

Both Barclays and Deutsche Bank declined to comment on today's announcement by the SFO.

Your Comments

COMMENT RULES: Comments that are judged to be defamatory, abusive or in bad taste are not acceptable and contributors who consistently fall below certain criteria will be permanently blacklisted. The moderator will not enter into debate with individual contributors and the moderator’s decision is final. It is Belfast Telegraph policy to close comments on court cases, tribunals and active legal investigations. We may also close comments on articles which are being targeted for abuse. Problems with commenting? customercare@belfasttelegraph.co.uk

Read More

From Belfast Telegraph