City workers face investigation over Libor ‘fixing’
None of the 22 has been charged, and many have yet to be interviewed. Each of the 22 has been written to by the SFO, as the financial crime agency looks to widen the case into the alleged fixing of the key interest rate.
A lawyer for one of the 22 said that his client could be charged by US authorities as early as this week, however.
The SFO is however looking at a far wider number of possible individuals who may have been involved in alleged fixing, and has some 60 investigators working on the case.
The revelations came at a court appearance of former banker Tom Hayes, and brokers James Gilmour and Terry Farr.
Mr Hayes, a former UBS trader based in Tokyo, faces eight charges, spanning the period from August 2006 to September 2010, which allege plans to defraud.
The other two men both worked for broker RP Martin. Mr Gilmour is charged with one count of conspiracy to defraud, while Mr Farr faces two counts of the same offence.
No pleas were entered at the hearing. A trial is not expected to take place until 2015.
The three men were arrested in SFO raids on homes in December last year. The arrests followed a series of settlements from major banks in relation to Libor fixing.
Barclays agreed to pay US and UK regulators £290m to settle allegations that employees had attempted to rig the benchmark rate. The admission led to the departure of chief executive Bob Diamond, and chairman Marcus Agius, and an overhaul of the way the bank does business.
UBS has since agreed to pay £940m to regulators over Libor, while the Royal Bank of Scotland has paid £390m in settlement for the part it played.
- SFO charges ex-UBS trader in Libor probe18 Jun 2013
- Libor scandal ‘goes higher than me’ – Hayes08 Feb 2013
- Three arrested in SFO Libor-rigging investigation11 Dec 2012
- Timeline: How the Libor scandal unfolded19 Dec 2013.
By James Quinn, Financial Editor
6:12PM BST 21 Oct 2013