Britain's Serious Fraud Office formally begins criminal investigation of Barclays' rate-fixing | iNFOnews

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Britain's Serious Fraud Office formally begins criminal investigation of Barclays' rate-fixing

Former Barclays Chief Executive Bob Diamond leaves after giving evidence to the Treasury Select Committee at Portcullis House, central London Wednesday July 4, 2012. Diamond said Wednesday that his bank illegally reported low borrowing rates in October 2008 because other banks were reporting even lower ones, making Barclays look bad and threatening efforts to attract investment from Qatar. Pressure had been building on the bank over the past week since U.S. and British regulators imposed fines totaling $453 million against Barclays for false reporting of its borrowing costs between 2005 and 2009. (AP Photo/Lefteris Pitarakis)
July 06, 2012 - 9:30 AM

LONDON - Britain's Serious Fraud Office says it has formally opened a criminal investigation of Barclays' manipulation of a key market interest rate.

The agency said Friday that it was uncertain whether the investigation would result in charges.

Barclays was fined $435 million last week by U.S. and British agencies for making false reports of its borrowing costs between 2005 and 2009.

This week, Bob Diamond resigned as chief executive of the bank and Chairman Marcus Agius announced his intention to leave as soon a replacement has been appointed.

News from © The Associated Press, 2012
The Associated Press

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