Former UBS investment bank co-chief 'present during Libor-rigging talks'

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The former co-chief executive of UBS’s investment bank attended a meeting at the Swiss bank when plans to manipulate Libor were discussed, Southwark crown court in London has heard.

Tom Hayes, the trader accused of trying to rig a key interest rate behind trillions of dollars in financial deals, told prosecutors that Carsten Kengeter, now chief executive of Deutsche Börse, was present as he discussed manipulating the rate during a meeting of UBS executives in Tokyo.

“It was too widespread and open that people could be unaware,” Hayes told the Serious Fraud Office in an interview after his arrest in 2012. “It was so blatant.”

In October, Kengeter was named chief executive of Deutsche Börse, which operates the Frankfurt stock exchange.

The evidence emerged on Wednesday, day six of Hayes’ trial, where he stands accused of eight counts of conspiracy to defraud between 2006 and 2010, which he denies. He has been diagnosed with mild Asperger syndrome and has been sitting in the well of the court, rather than in the dock.

The trial continues.

Powered by Guardian.co.ukThis article was written by Simon Goodley, for theguardian.com on Wednesday 3rd June 2015 14.51 Europe/Londonguardian.co.uk © Guardian News and Media Limited 2010

 

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