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Wednesday 14 November 2018

Lack of evidence forces Fraud Office to drop probe into Libor suspects

Lloyds Banking Group traders were reportedly among those to be let off the hook.

The London skyline (PA)
The London skyline (PA)

By Kalyeena Makortoff, Press Association Chief City Correspondent

The Serious Fraud Office (SFO) has let a number of Libor-rigging suspects off the hook, with Lloyds Banking Group traders reportedly among those no longer being investigated.

A number of individuals and banks have received letters from the SFO after an investigation found there was not enough evidence to take their cases further.

Lloyds is one of the banks to have received those letters, according to the Times, which said that the Fraud Office was not able to find an expert willing to provide evidence over the traders’ behaviour.

Having thoroughly investigated and having reviewed the information available to it, the SFO has concluded there was insufficient evidence to take the matter further Serious Fraud Office

“The SFO has written to certain individuals in the Libor investigation to inform them that they are no longer suspects,” an SFO statement said.

“The banks concerned, and several witnesses, have been written to as well.

“Having thoroughly investigated and having reviewed the information available to it, the SFO has concluded there was insufficient evidence to take the matter further in respect of these individuals and banks.”

The Serious Fraud Office did not provide any further details of the banks or individuals involved.

Lloyds declined to comment.

Press Association

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