AlHijjah 13, 1435, Oct 7, 2014, SPA -- Britain had its first conviction Tuesday in the wake of the alleged rigging of the London Interbank Offered Rate (Libor), according to dpa. "This is the first criminal conviction arising from the Serious Fraud Office's Libor investigation," the office said in a statement, adding that "11 other individuals stand charge and await trial." A court ruling prevents the naming of the bank executive who last week pleaded guilty to a charge of conspiracy to defraud. Libor is a benchmark that banks use to set the interest rate they charge each other when raising funds for mortgages and other financial transactions around the world. Last month Britain's Lloyds Banking Group sacked eight people over the alleged Libor rigging scandal. In July the Financial Conduct Authority (FCA) fined Lloyds 105 million pounds for an "extremely serious failing" related to Libor. The Dutch Rabobank Group also paid the same amount last year for Libor misconduct. Other banks have also been fined.
