Italian
Police Raid Barclays Over Rate-
Fixing
Police take documents from Barclays in Milan, as they
investigate possible rate-fixing of the euro version of
Libor.
Marcus Agius (l) quit alongside CEO Bob Diamond (c)
Reuters
Graph: Barclays Share Price Slide Amid The Libor Scandal
EnlargeItalian
police have taken documents from a Barclays office in Milan as part of a
probe into possible Euribor rate manipulation, according to Reuters.
It
said the raid occurred as regulators investigated fixing fears of the
eurozone equivalent of the scandal-hit, London-based Libor inter-bank
lending rate.
The
search was ordered by prosecutors in the southern city of Trani, who
have opened a criminal probe into the possible manipulation of the
Euribor rate.
The move comes after complaints were filed by two consumer groups, Adusbef and Federconsumatori.
Two judicial sources also confirmed the raid occurred last week, according to Reuters.
Documents, computer material and emails were seized, the consumer groups said in a joint statement.
They
said the Milan raid occurred "with the aim of looking for evidence that
Barclays also manipulated Euribor, as it did with Libor, with a
negative impact on mortgage rates paid by Italians".
Barclays
was forced to pay a total of £290m in fines to UK and US regulators
after it admitted fixing its Libor rate for commercial advantage.
The
scandal forced the resignation of chairman Marcus Agius, chief
executive Bob Diamond and chief operating officer Jerry del Missier.
All three men were later quizzed by MPs on the Treasury Select Committee.
The
Libor scandal has sent shock waves through global banking, and
embroiled both US Treasury Secretary Timothy Geithner and Bank of
England governor Sir Mervyn King in the controversy.
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