MPs demand action over new Libor evidence

Ben Lucas

MPS ARE demanding an inquiry into claims that central banks and authorities misled parliament during their investigations into the rigging of the London Interbank Offered Rate, known as Libor.

The new claims come from a new book on the Libor scandal by BBC economics correspondent Andy Verity called ‘Rigged’, which The Times is publishing extracts from this week. Speaking in parliament late last night, David Davis (pictured) repeated his calls for the Treasury Committee to investigate new evidence that suggests the authorities had misled parliament.

“In British courts, critical evidence was concealed. In America, the DOJ used tactics that amounted to judicial blackmail. The result was a serial miscar- riage of justice,” he said.

Former shadow chancellor, Labour MP John McDonnell, agreed an inquiry should take place into what he called a “scandalous” miscarriage of justice.

City minister Andrew Griffith said it would be a matter for the Treasury Committee to respond to.

“I look forward to hearing the response of the Committee’s chair,” Griffith said.

The UK’s Serious Fraud Office (SFO) convicted a total of nine traders for their role in rigging Libor. The SFO pointed City A.M. to a previous statement, where it said: “All either pleaded guilty or were found guilty by a jury. A number of those convictions have been reviewed by the Court of Appeal and all have been upheld.”

The Bank of England declined to comment.