A FORMER dealer for the Royal Bank of Scotland has provided fresh details on how traders tried to influence Libor, the interbank lending rate, court documents filed in Singapore show.
Tan Chi Min, who is suing RBS for wrongful dismissal, alleges that the bank’s minutes of his disciplinary meeting held in September last year did not accurately reflect what was discussed and omitted details of conversations about how traders at the bank tried to influence RBS’s rate submissions.
RBS confirmed earlier this month in its half-year results that it was among more than a dozen banks being investigated by regulators in the US, Europe and Asia for suspected rigging of the London interbank offered rate (Libor).
Tan was sacked in November 2011 for trying to improperly influence the bank’s rate setters.
RBS is disputing the allegations, saying Tan was dismissed for gross misconduct and that it followed its company disciplinary policy in deciding to terminate his contract.
It has already announced that it has dismissed several employees in relation to its own inquiries into its interbank rate setting.
“We confirm, per our disclosures during our interim results on 3 August, that we have dismissed a number of employees for misconduct as a result of our investigations into the setting of Libor and other interest rates,” said a spokeswoman for RBS in Singapore.
“RBS Group continues to co-operate fully with ongoing investigations relating to the setting of Libor and other interest rates.”
