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Ex-Barclays Banker Admits Guilt In Libor Case

(c) Sky News 2016

A former Barclays (LSE: BARC.L - news) banker has pleaded guilty to a charge relating to the rigging of the Libor inter-bank lending rate, it has been revealed.

The Serious Fraud Office (SFO) announced the development after the judge in the trial of five other former Barclays employees lifted an order banning the publication of Peter Johnson's guilty plea.

The order was originally imposed for fear his admission might prejudice the trial, which is taking place at London's Southwark Crown Court.

It (Other OTC: ITGL - news) was revealed that Johnson, 61, admitted in October 2014 a single charge of conspiring to manipulate the London InterBank Offered Rate, known as Libor.

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The rate is a leading benchmark for pricing financial transactions worldwide and designed to be an independent assessment of a bank's borrowing costs.

News (Other OTC: NWSAL - news) of Johnson's plea means he was the first person in the UK to admit an offence linked to Libor manipulation.

Former UBS and Citi trader Tom Hayes was convicted last summer following a separate investigation.

The trial of the five men, who are facing the same charge as Johnson, began five weeks ago.

Jonathan Mathew, Stylianos Contogoulas, Jay Merchant, Alex Pabon and Ryan Reich have each entered not guilty pleas.

The SFO claims the men were dishonest when they submitted or asked colleagues to submit Libor rates that would benefit trading positions (Other OTC: UBGXF - news) .