'Significant' developments imminent in Libor inquiry, says Serious Fraud Office

http://www.guardian.co.uk/business/2012/nov/09/libor-inquiry-developments-imminent-sfo

Version 0 of 1.

The director of the Serious Fraud Office said on Friday that it expected "significant developments in the near future" in its investigations into the rigging of Libor interest rates. The comments about the progress of the inquiry were made by SFO boss David Green in an interview with Bloomberg.

The government department said in July it could prosecute banks for rigging Libor and related interest rates, but had yet to decide whether to bring charges.

Citing an unnamed source, Bloomberg also reported that British prosecutors were set to arrest former traders and rate setters at Barclays, Royal Bank of Scotland and UBS within a month. Barclays, RBS and UBS declined to comment, and the SFO declined to comment on the specific timeline of any arrests or on the identity of the institutions or individuals involved.

RBS said earlier this month it was likely be fined by British and US authorities for its part in the scandal and wanted a settlement as soon as possible. The bank has dismissed a number of employees for misconduct after its own investigations.

Barclays was fined £290m for manipulating Libor, one of a number of scandals that have rocked the industry. More than a dozen other banks are under investigation. <strong> </strong>