The number of people at the U.K.’s Serious Fraud Office working on a criminal investigation into manipulation of the London interbank offered rate has been doubled to 60, the director of the agency, David Green, said in a speech today.
U.K. fraud prosecutors’ will announce significant developments next year in a probe into fees paid by Barclays Plc to Qatar’s sovereign-wealth fund for a 2008 fundraising that helped the bank avoid a bailout.
U.K. prosecutors are poised to arrest former traders and rate setters at UBS AG, Royal Bank of Scotland Group Plc and Barclays Plc within a month for questioning over their role in the Libor scandal, a person with knowledge of the probe said.
After promising to clean up the U.K. Serious Fraud Office’s record of failures, the collapse of one of his own cases puts the agency’s director under more pressure than ever to score a victory in its Libor probe.
The U.K. Serious Fraud Office requested 19 million pounds ($32 million) in extra funding partly to cover penalties relating to wrongly reclaimed taxes by the agency, according to its director David Green.
It’s a Wednesday night in London, and Vincent Tchenguiz, the biggest owner of residential real estate units in the U.K., is getting wound up about the criminal case that paralyzed his business and threatened to land him in prison.