Global Investigations Review - The law and practice of international investigations


Friday, 08 June 2018

Uncharged senior managers identified in Société Générale's Libor-rigging scheme

Société Générale senior managers directed the bank’s employees to manipulate the US dollar London Interbank Offer Rate (Libor), according to a letter sent from the US Department of Justice (DOJ) to France’s Ministry of Justice in 2015.

The 2015 letter is part of court filings added on 25 May to the DOJs case against the bank’s former head of fixed income and treasuries Danielle Sindzingre.

According to the letter, Société Générale’s in-house counsel and law firm Mayer Brown alleged that Sindzingre and the following executives instructed junior employees to manipulate Libor: Michele Péretié, former chief executive officer of Société Générale’s corporate investment bank; Didier Valet, the former CFO of Société Générale; and Muriel Bescon, the former head of Société Générale’s Paris trading desk.

Sindzingre and Bescon were charged in August 2017 over the alleged scheme to manipulate Libor.  Péretié and Valet have not been charged and reportedly deny wrongdoing.

The DOJ announced on 4 June that the French bank entered into a $750 million DPA with French and US authorities to resolve Libor-rigging allegations.

Malaysia issues arrest warrant for Jho Low in 1MDB probe

Malaysia’s prime minister, Mahathir Bin Mohamad, confirmed to the press on Friday that the Malaysian Anti-Corruption Commission (MACC) has issued arrest warrants for financier and former 1MDB consultant Jho Low and former director of SRC International, then a unit of 1MDB, Nik Faisal Ariff Kamil. 

On 7 June, the MACC issued a press release urging the two individuals to contact the MACC immediately to assist in their investigation into SRC International. According to reports, Low subsequently instructed his lawyers to contact the commission.

Bloomberg reported the MACC was also preparing arrest warrants against former 1MDB chief executive officer Shahrol Halmi and former Goldman Sachs banker Roger Ng. The two have not responded to the news. 

Standard Chartered's head of compliance leaves after investigation

Standard Chartered’s head of compliance, Neil Barry, will leave the bank following an investigation into his behaviourReuters reports

According to an internal memo seen by Reuters, Standard Chartered’s investigation found that Barry’s “managerial style, behaviour and language towards some of his colleagues was inappropriate”. Barry expressed regret, according to the memo. 

The bank placed Barry on leave in March 2018. Tracey McDermott, the bank’s group head of corporate public and regulatory affairs, assumed responsibility for the bank’s compliance function. McDermott was previously the UK Financial Conduct Authority’s (FCA’s) acting chief executive.


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