One of the persons involved in the investigations of the Barclays Plc has to say that the UBS AG (USA) (NYSE:UBS), the leading bank in Switzerland is under the threat of being fined both by the United States and United Kingdom. The reason behind their imposing of fine is due to UBS AG (USA) (NYSE:UBS) preparation to alter the universal interest rates. It is also found to have been imposed an amount more than what Barclays Plc had considered.
The investigator also said that the news about fines that are to be imposed is not announced publicly but it would happen probably in the early days of the coming week. But then, three members of the same investigation have to say that the decision on fine amount might change.
It was come to known by the Global Authorities that more than 12 banks have been into altering interest rate derivative in order to make the lending party’s economy to appear strong. One of the interesting facts was that United Kingdom’s largest bank Barclays negotiated for $467 million in June to unravel Libor probes of U.S and U.K.
The spokesman Karina Byrne from New York who represents UBS and other officials from CFCT, FSA, DOL and Finra, the Swiss Regulator have not come out with any sort of explanation. Whereas the investigator observes that the fine imposed by U.S and U.K would remain to be the largest amount ever fined on any bank. However, another investigator has come up with the recent happenings that the announcement is delayed due to DOJ’s interrupted activity on making a tribunal agreement with the concerned authorities.
In connection with the charge U.K prosecutors arrested Thomas Hayes and two men involved in brokerage in RP Martin Holdings were inquired, in addition investigations on e-mails send from UBS to other banks were also made.
Yet another reliable source familiar about the probe has come out with the news that more than 25 people have left their connection with UBS AG (USA) (NYSE:UBS) due to rate planning issues. One more person has to say that the Royal Bank of Scotland Group Plc is involved in resolving the issue with the authorities of U.S and U.K, he also said that the fine is expected to be more than what Barclays have been imposed before.
Sources say that the Swiss antitrust manager and the Canadian Competition Bureau have granted conditional protection for its investigation on the Libor.
Shares of UBS AG (USA) (NYSE:UBS) were up by 0.80% to close at $16.35.