The Telegraph with a smoking gun that was promptly buried in the avalanche of sudden media coverage in the aftermath of the Barclays Liborgate settlement.
Tan Chi Min, a former RBS trader who claims he was wrongfully dismissed by the bank after it fired him for allegedly trying to manipulate Libor – the average rate at which banks lend to each other – said he had received the request in 2007 from Brevan Howard.
“Brevan Howard telephoned on 20 Aug 2007 to ask the defendant to change the Libor rate,” according to a paper filed with the Singapore High Court cited by Bloomberg.
Telegraph goes on:
The court filing alleges RBS “received this request without objection”. Brevan Howard is not a party to the lawsuit and is not being investigated or sued for any alleged wrongdoing. RBS and Brevan Howard both declined to comment.
Mr Tan claimed in his filing that Scott Nygaard, head of short-term markets finance at RBS, knew about the call from Brevan Howard. However, the filing contained no further details to support his allegations. However, he is reported to have said he would provide further evidence at a later stage.
The legal case follows Mr Tan’s firing in December over allegations he had attempted to improperly influence RBS’s Libor-setting staff between 2007 and 2011. Mr Tan, who worked for RBS in Singaporeas head of delta trading, claims he was wrongfully dismissed by the bank.
The plot just gets thicker and thicker.
Mr Tan is claiming $1.5m (£943,000) in bonuses and 3.3m RBS shares that he says the bank owes him in pay. He claims in his lawsuit that asking for changes in Libor was “common practice” among RBS traders and that the bank “took requests from clients” to alter the rate.
And this :
Swiss banking group UBS has already sought to turn whistleblower and apply for immunity from prosecution in Canada.
Court papers filed in the Ontario Superior Court were last month reported to show that UBS was attempting to negotiate a plea bargain-type deal.