Wellington broker awaits Libor trial outcome

  • 28/01/2016
(iStock)
(iStock)

Five brokers accused of trying to fix the London-based Libor interest rates have been cleared but a New Zealand-based man's verdict remains under scrutiny.

Prosecutors had alleged the men conspired with a currency trader to fix Libor rates in exchange for offers of treats like takeaway curries and drinks.

But after an almost four-month trial, a jury at London's Southwark Crown Court cleared five of the six men on all counts.

The jury has been instructed to continue deliberations on Thursday in relation to one count against 50-year-old Darrell Read, of Wellington, New Zealand.

UK-based brokers - Noel Cryan, 49, Danny Wilkinson, 48, Colin Goodman, 53, James Gilmour, 50 and Terry Farr, 44 - were all cleared of conspiracy to defraud by trying to manipulate the Libor rate linked to the Yen.

The men had been accused of helping trader 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 had heard.

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

NZN