Deliberations begin in Libor fixing trial

  • 27/01/2016
Deliberations begin in Libor fixing trial

A jury is considering its verdict in the trial of six brokers, including a Wellington-based man, accused of trying to fix the Libor rates.

Prosecutors allege they conspired with a currency trader to fix Libor rates in exchange for offers of treats like takeaway curries and drinks, London's Southwark Crown Court has been told.

The six men, including Wellington-based Darrell Read, 50, are alleged to have helped Tom Hayes manipulate the Libor rate over a period of four years.

Hayes, who was convicted of conspiracy to defraud earlier this year, repeatedly asked them via instant messages and emails for help getting the Libor rates set in his favour, the court has heard.

The six - Read, Noel Cryan, 49, Danny Wilkinson, 48, Colin Goodman, 53, James Gilmour, 50, and Terry Farr, 44 - are accused of conspiracy to defraud by trying to manipulate the Libor rate linked to the Yen.

They deny the charges.

The four-month trial looked at the alleged role of the brokers from firms including ICAP, Tullett Prebon and RP Martin.

Cryan worked for Tullett Prebon. Read, Wilkinson and Goodman worked for ICAP while Gilmour and Farr worked for RP Martin.

Libor is the term for benchmark rates which underpin hundreds of trillions of pounds of contracts, from mortgages to corporate lending.

NZN