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PS1m bail for rate-rig accused.

A FORMER senior trader at Deutsche Bank has been ordered to pay a PS1 million bail security after being accused of involvement in rate rigging.

Christian Bittar, 44, appeared at Westminster Magistrates' Court on the day before his birthday, represented by David Cameron's brother, Alex Cameron QC.

He is accused, along with 10 other people, of conspiracy to defraud between 2005 and 2009.

The accused - six from Deutsche Bank, four from Barclays, and one from Societe Generale - are the first to face criminal proceedings as a result of an investigation by the Serious Fraud Office (SFO) into the alleged manipulation of the Euro Interbank Offered Rate (Euribor). Six appeared in court, and spoke only to confirm their identities.

Other Deutsche Bank employees who were due to face charges did not attend the hearing.

It is alleged that there was collusion to manipulate the rates between separate banks, as well as a collusion between people at the same bank.

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Publication:Daily Post (Conwy, Wales)
Date:Jan 12, 2016
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