Ex-RBS trader details extent of Libor fixing

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The Independent Online

A former Royal Bank of Scotland dealer 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, alleges that the minutes omitted details of conversations about how traders at the bank tried to influence RBS's interbank lending rate submissions (Libor).

Mr Tan was sacked from his Singapore-based role as head of delta trading for the bank's Global Banking & Markets division in November 2011 for trying to improperly influence the bank's rate setters. In the court documents, Mr Tan says the information omitted from the minutes includes reference to a conversation in March 2008 about the submission of Libor rates. He claimed that a trader for the bank changed the Libor submission himself even though he was part of the Japanese yen swap desk in London. The papers say that Mr Tan then 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.