Royal Bank of Scotland has been dragged deeper into the Libor interest rate rigging scandal after the head of its investment arm in Japan quit in disgrace on Friday. Ryusuke Otani, the chief executive of RBS Securities Japan, became the latest senior head at the state-backed lender to roll. His departure came as Japanese regulators uncovered ‘seriously unjust and malicious’ conduct by the bank’s employees as they routinely manipulated the yen Libor rate for years. RBS was fined £390million by US and UK regulators for manipulating Libor. Emails published by the watchdogs revealed traders’ disregard for the rules, with one trader writing: ‘The jpy (Japanese Yen) Libor is a cartel now’. RBS’s Japanese division also pleaded guilty to one count of wire fraud in the US.....Read more here

Previous AAD Blog:

Royal Bank of Scotland dreads release of Libor scandal emails - allaboutFORUMS

RBS investors to file £4bn lawsuit against Fred Goodwin and former directors - allaboutFORUMS