The UK’s Serious Fraud Office (SFO) is set to postpone the criminal investigation against former traders at Royal Bank of Scotland (RBS) over their alleged role in rigging the global Libor rate into next year.
In 2012, SFO has launched a criminal probe in connection with the manipulation of Libor.
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As part of the move, SFO has requested the financial regulator to postpone publishing civil findings against at least two former RBS traders including Paul White, a former submitter at RBS, and Andrew Hamilton, a former Swiss-franc derivatives trader, reported Financial Times.
The publication reported SFO saying that it may not make a decision over charge until March 2015.
Additionally, a third ex-RBS trader, Brent Davies, has been questioned by the SFO and remains under investigation.
However, SFO has not indicated of any charging decision, nor of any request to postpone regulatory proceedings against Davies.
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By GlobalDataMeantime, the Financial Conduct Authority is seeking to fine at least one of the traders £1milion, the publication reported. Also, the matter will be heard by the Regulatory Decisions Committee, which oversees determinations taken by the FCA.
As part of its Libor investigation a separate SFO team is investigating whether traders at RBS also manipulated Libor.
