Financier to be ex­tra­dited

Western Suburbs Weekly - - News - Jon Bas­sett

DALKEITH financier Paul Thomp­son is in Aus­tralian Fed­eral Po­lice cus­tody for ex­tra­di­tion to the United States over al­leged par­tic­i­pa­tion in the multi-bil­lion­dol­lar London In­ter­bank Of­fered Rate (LIBOR) scan­dal.

“Mr Thomp­son was taken into ex­tra­di­tion cus­tody today in an­tic­i­pa­tion of his sur­ren­der to the US,” a spokesman for the Fed­eral At­tor­ney Gen­eral’s Depart­ment said, when the story was first re­ported by com­mu­ni­

The spokesman would not com­ment on when Mr Thomp­son was due to be sent to the US, but said once ex­tra­dited he would face pros­e­cu­tion.

US in­ves­ti­ga­tors have been ques­tion­ing traders sus­pected of fix­ing the LIBOR to lend money be­tween banks.

The LIBOR is also used as a base rate that sets many con­sumer lend­ing rates, in­clud­ing credit cards, home mort­gages and in­ter­est.

It was al­leged the LIBOR was ma­nip­u­lated daily since the early 1990s, prompt­ing in­ves­ti­ga­tions, re­forms and fines up to $US1.5 bil­lion for some banks.

Mr Thomp­son was the man­ag­ing direc­tor and head of liq­uid­ity at the Sin­ga­pore head­quar­ters of the Dutch Rabobank be­tween 1996 and 2001, when fix­ing is al­leged to have oc­curred.

In 2014, he and four col­leagues from the bank’s Tokyo and London of­fices were charged by a US grand jury with con­spir­acy to com­mit wire and bank fraud.

Mr Thomp­son was ar­rested in Oc­to­ber last year, and was on bail and re­port­ing to WA Po­lice daily un­til last week.

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.