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Germany rejects extradition of bankers to Britain in Euribor case

Reuters - UK Focus

FRANKFURT, Feb 23 (Reuters) - German authorities have turned down a bid to extradite four citizens to Britain to face charges of conspiracy to rig Euribor benchmark interest rates while at Deutsche Bank (IOB: 0H7D.IL - news) .

Justice officials in Frankfurt said in an emailed statement to Reuters on Friday that they had decided against extradition because of a statute of limitations in prosecuting the case.

The formal denial of extradition was on Wednesday, the statement said, after a preliminary ruling in November.

British prosecutors had been granted warrants in 2016 for the arrest of four Germans, who they said were part of a conspiracy to defraud in relation to their alleged role in manipulating Euribor, the euro interbank offered rate.

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A spokesman for Deutsche Bank declined to comment. Reuters is not naming the four former Deutsche Bank employees for legal reasons.

Deutsche Bank, Barclays (LSE: BARC.L - news) and Societe Generale (Swiss: 519928.SW - news) admitted their involvement in a Euribor cartel in 2013 in a European Commission investigation.

The Commission fined Deutsche and SocGen (Paris: FR0000130809 - news) a total of $1 billion, and two years later U.S. and British authorities fined the German bank another $2.5 billion and its London subsidiary pleaded guilty to rate-rigging.

Barclays received immunity for revealing the alleged cartel in the Brussels investigation but paid $453 million to U.S. and British authorities to settle rate-rigging allegations in 2012. (Reporting by Tom Sims; Editing by Edmund Blair)