Ex-RBS trader: 'anyone can change Libor'

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The Independent Online

A former Royal Bank of Scotland dealer based in Singapore has alleged that the bank's minutes of his disciplinary meeting held in September last year did not accurately reflect what was discussed.

In court documents filed in Singapore, Tan Chi Min, who is suing for wrongful dismissal, says the minutes omitted details of conversations about how a London-based trader on the yen-swap desk changed RBS's interbank lending rate submissions (Libor) in 2008. Mr Tan says he raised the issue at his disciplinary meeting, saying that the bank's internal procedure in London seemed to be that "anyone can change Libor".

RBS is disputing the allegations, saying that Mr Tan was dismissed for gross misconduct and that it followed its company disciplinary policy in deciding to terminate his contract.