British authorities had announced that criminal proceedings have begun against 10 bankers accused of manipulating a global benchmark interest rate, says a report from the ValueWalk.
Citing a statement from UK's Serios Fraud Office (SFO), the report says, 10 former employees of Barclays and Deutsche Bank, have been accused of manipulating the euro interbank offered rate, also known as Euribor. Although other bankers have been accused of manipulating interest rates, this is the first case related to Euribor, notes Tim Wallace for The Daily Telegraph.
According to the report, benchmark interest rate manipulation could lead to more fines for banks. It says, "The SFO prosecutes financial crime in Britain, and has previously charged over a dozen people as part of its investigation into manipulation of the London interbank offered rate, known as Libor. The resulting scandal enveloped some of the largest banks in the world and led to billions of dollars in fines, with Barclays, the Royal Bank of Scotland, UBS and Deutsche Bank are implicated."
The accused ex-Deutsche Bank staff are Christian Bittar; Achim Kraemer; Andreas Hauschild; Joerg Vogt; Ardalan Gharagozlou; and Kai-Uwe Kappauf. The ex-Barclays staff are Colin Bermingham; Carlo Palombo; Philippe Moryoussef; and Sisse Bohart, the report says.
According to the report, as a result of ongoing investigation, further accusations are expected. Continue Reading...