SFO launches criminal investigation into LIBOR scandal

The Serious Fraud Office will launch a criminal investigation into the manipulation of the benchmark lending rate.

According to an SFO statement, director David Green QC has formally accepted the LIBOR matter for investigation. The development follows reports last week that a lack of resources in the UK's lead anti-fraud agency would prevent an investigation from being carried out. However, the SFO has now confirmed a criminal investigation will go ahead. Shares in Barclays collapsed last week after the bank was issued a fine of £290m for manipulating LIBOR rates by UK and US regulatory agencies, leading to chief executive officer Bob Diamond's (pictured) eventual resignation. Although the Fina...