Rabobank dropped from Libor scandal investigation

The court in The Hague ruled in a so-called Article 12 procedure that the Public Prosecutor should not prosecute Rabobank for its role in the Libor scandal.

The Article 12 procedure was initiated by lawyer Gerard Spong. According to the court, prosecution is unnecessary as a criminal court would only be able to impose a fine on the bank. And as Rabobank has already paid 774 million euros in fines, the court finds that criminal proceedings would have "no added value", RTL Nieuws reports.

The court also ruled that the directors of the bank had not been vigilant and that critique is appropriate, but it can not be determined whether they acted intentionally and for personal gain. Therefore they should not be prosecuted.

The 15 employees who were involved in the fraud and are still working at Rabobank should be prosecuted, according to the court. This is impossible, however, as mistakes have been made in collecting evidence during previous investigations by various regulators and law enforcement authorities. A new criminal investigation will therefore have no use.

Six former employees are already being prosecuted abroad and can not be prosecuted in the Netherlands.