The Serious Fraud Office has announced that three men aged 33, 41 and 47 have been arrested as part of the on-going investigation into the Libor rigging scandal. Search warrants were issued for three properties in the South East of England - one in Surrey and two in Essex. The three men, all confirmed to be British nationals have been transported to a London police station for further questioning.

The Libor scandal came to light back in June when Barclays bank was fined £290m for attempting to manipulate the rate. Which is the figure, at which banks lend to each other and sets the bench mark for retail bank and mortgage rates.

But Barclays were not the only big bank who admitted juggling the rate. Although they were the only bank, to demand the head, of the company chief executive Bob Diamond who was forced to resign over the scandal.

Which prompted the Serious fraud Office in July to formally launch a criminal investigation into banks and individuals who are implicated into the wider rigging of inter-bank lending rates.

I am Ann Salter thanks for watching. Stay tuned for the latest news and updates on these Libor arrests story with me at ibtimes.co.uk

 

Written and presented by Ann Salter