Singapore trader deserved to be fired: RBS

RBS said the trader, who sought to manipulate London interbank offered rates, was guilty of gross misconduct.

According to court papers filed by RBS in Singapore High Court, the former trader tried to improperly influence RBS’s rate setters from 2007 to 2011 and persuade them to submit Libor rates at particular levels to his benefit.

A Bloomberg report said:

Royal Bank of Scotland Group Plc said it did nothing wrong when it fired a former Singapore trader because he sought to manipulate London interbank offered rates to boost his own profits.

Tan Chi Min, the former trader, sued the bank over his dismissal and is seeking to recoup $1.5 million in bonuses and 3.3 million RBS shares that he claims he’s owed.