Heat raised on Tory donor as Libor fixing file is passed to SFO

Criminal charges could be a possibility for brokers who worked  for Michael Spencer

Brokers who worked for the firm founded by the Tory donor Michael Spencer could face criminal charges in the UK, after City watchdogs passed a file on Libor fixing to the Serious Fraud Office.

It is understood that while the three Icap brokers who allegedly played a central role in helping their top client to fix yen Libor interest rates are facing charges in the US, the SFO’s inquiry could draw in some or all of the unnamed seven Icap brokers judged to have had more “peripheral” roles.

Libor, or the London Interbank Offered Rate, is the average interest rate estimated by banks that they would be charged if borrowing from other banks. It acts as a benchmark for short-term rates around the world.

The SFO is also investigating the conduct of traders at a number of City banks. Icap was hit with £55m in fines from watchdogs on both sides of the Atlantic on Wednesday, the first non-bank to be fined after penalties on UBS, Barclays and Royal Bank of Scotland. More are expected to follow.

Despite a growing political storm surrounding Icap, it emerged that the firm’s high-profile chief executive, Michael Spencer, will attend the Conservative Party conference. Senior Conservative sources suggested that Mr Spencer would be “welcome” at the event, which gets under way this weekend. The former party treasurer raised more than £120m for the Tories between 2005 and 2010 and has made personal donations in excess of £500,000.

As well as being popular in the party, he has a powerful following in both the City and the wider business community, neither of which would take kindly to any perceived snub.

Senior Tory sources would not confirm if he was due to attend any events with David Cameron or George Osborne, which he has done in the past. But they made clear he would not be “cold shouldered” by them.

Labour sought to keep up the pressure with Michael Dugher, the party’s vice-chairman, describing his attendance as “entirely inappropriate”.

“Despite Michael Spencer’s company being fined £55m it seems he will still have unrivalled access to the Prime Minister and the Chancellor. It just shows that David Cameron stands up for the wrong people because he mixes with the wrong crowd.”

Ed Miliband attempted to draw a distinction between Labour, which he claimed was the champion of ordinary people, and the Conservatives, as the friend of special interests, in his speech earlier this week.

Mr Spencer walked the trading floor at the group’s London HQ on Thursday.

He also personally emailed all the company’s top 20 investors and has promised a shake-up at the company he founded and which has helped him amass an estimated fortune of £500m. He is furious at the behaviour of the brokers involved in the affair and the damage it has done to Icap.

The London-listed firm is the world’s biggest “interbroker dealer” – which are companies that act as middlemen, allowing banks and other financial institutions to anonymously trade a range of financial products.

Mr Spencer has said he is willing to meet any investors that wish to see him in the wake of the scandal.However, sources close to the company indicated that there has yet to be any requests made by the company’s top shareholders. That makes his attendance at conference almost certain.

The Banksy image in Folkestone before it was vandalised
Life and Style

Sales of the tablet are set to fall again, say analysts

football West Brom vs Man Utd match report: Blind grabs point, but away form a problem for Van Gaal
Arts and Entertainment
Gotham is coming to UK shores this autumn
tvGotham, episode 2, review
Have you tried new the Independent Digital Edition apps?
ebooksAn unforgettable anthology of contemporary reportage
Arts and Entertainment
Bloom Time: Mira Sorvino
tvMira Sorvino on leaving movie roles for 'The Intruders'
First woman: Valentina Tereshkova
peopleNASA guinea pig Kate Greene thinks it might fly
Brian Harvey turned up at Downing Street today demanding to speak to the Prime Minister

Met Police confirm there was a 'minor disturbance' and that no-one was arrested

Arts and Entertainment
George Lucas poses with a group of Star Wars-inspired Disney characters at Disney's Hollywood Studios in 2010

George Lucas criticises the major Hollywood film studios

Chris Grayling, Justice Secretary: 'There are pressures which we are facing but there is not a crisis'

Does Chris Grayling realise what a vague concept he is dealing with?

Life and Style
A street vendor in Mexico City sells Dorilocos, which are topped with carrot, jimaca, cucumber, peanuts, pork rinds, spices and hot sauce
food + drink

Trend which requires crisps, a fork and a strong stomach is sweeping Mexico's streets

Life and Style
The charity Sands reports that 11 babies are stillborn everyday in the UK
lifeEleven babies are stillborn every day in the UK, yet no one speaks about this silent tragedy
Blackpool is expected to become one of the first places to introduce the Government’s controversial new Public Space Protection Orders (PSPOs)

Parties threaten resort's image as a family destination

Life and Style
Northern soul mecca the Wigan Casino
fashionGone are the punks, casuals, new romantics, ravers, skaters, crusties. Now all kids look the same
Life and Style

I Am Bread could actually be a challenging and nuanced title

Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs General

Year 5 Teacher

£80 - £140 per day: Randstad Education Leeds: Year 5 Teacher KS2 teaching job...

Software Developer

£35000 - £45000 Per Annum Pensions Scheme After 6 Months: Clearwater People So...

Systems Analyst / Business Analyst - Central London

£35000 - £37000 per annum + Benefits: Ashdown Group: Systems Analyst / Busines...

Senior Change Engineer (Network, Cisco, Juniper) £30k

£30000 - £35000 per annum + Benefits: Ampersand Consulting LLP: Senior Change ...

Day In a Page

Two super-sized ships have cruised into British waters, but how big can these behemoths get?

Super-sized ships: How big can they get?

Two of the largest vessels in the world cruised into UK waters last week
British doctors on brink of 'cure' for paralysis with spinal cord treatment

British doctors on brink of cure for paralysis

Sufferers can now be offered the possibility of cure thanks to a revolutionary implant of regenerative cells
Ranked seventh in world’s best tourist cities - not London, or Edinburgh, but Salisbury

Salisbury ranked seventh in world’s best tourist cities

The city is home to one of the four surviving copies of the Magna Carta, along with the world’s oldest mechanical clock
Let's talk about loss

We need to talk about loss

Secrecy and silence surround stillbirth
Will there be an all-female mission to Mars?

Will there be an all-female mission to Mars?

Women may be better suited to space travel than men are
Oscar Pistorius sentencing: The athlete's wealth and notoriety have provoked a long overdue debate on South African prisons

'They poured water on, then electrified me...'

If Oscar Pistorius is sent to jail, his experience will not be that of other inmates
James Wharton: The former Guard now fighting discrimination against gay soldiers

The former Guard now fighting discrimination against gay soldiers

Life after the Army has brought new battles for the LGBT activist James Wharton
Ebola in the US: Panic over the virus threatens to infect President Obama's midterms

Panic over Ebola threatens to infect the midterms

Just one person has died, yet November's elections may be affected by what Republicans call 'Obama's Katrina', says Rupert Cornwell
Premier League coaches join the RSC to swap the tricks of their trades

Darling, you were fabulous! But offside...

Premier League coaches are joining the RSC to learn acting skills, and in turn they will teach its actors to play football. Nick Clark finds out why
How to dress with authority: Kirsty Wark and Camila Batmanghelidjh discuss the changing role of fashion in women's workwear

How to dress with authority

Kirsty Wark and Camila Batmanghelidjh discuss the changing role of fashion in women's workwear
New book on Joy Division's Ian Curtis sheds new light on the life of the late singer

New book on Ian Curtis sheds fresh light on the life of the late singer

'Joy Division were making art... Ian was for real' says author Jon Savage
Sean Harris: A rare interview with British acting's secret weapon

Sean Harris: A rare interview with British acting's secret weapon

The Bafta-winner talks Hollywood, being branded a psycho, and how Barbra Streisand is his true inspiration
Tim Minchin, interview: The musician, comedian and world's favourite ginger is on scorching form

Tim Minchin interview

For a no-holds-barred comedian who is scathing about woolly thinking and oppressive religiosity, he is surprisingly gentle in person
Boris Johnson's boozing won't win the puritan vote

Boris's boozing won't win the puritan vote

Many of us Brits still disapprove of conspicuous consumption – it's the way we were raised, says DJ Taylor
Ash frontman Tim Wheeler reveals how he came to terms with his father's dementia

Tim Wheeler: Alzheimer's, memories and my dad

Wheeler's dad suffered from Alzheimer's for three years. When he died, there was only one way the Ash frontman knew how to respond: with a heartfelt solo album