UK prosecutor promises hefty evidence in first Libor fixing case
Authorities interviewing traders in connection with probe into how crucial benchmark rates such as Libor (London interbank offered rate) were routinely rigged
British prosecutors say they have extensive evidence against former trader Tom Hayes, the first suspect to come to court following a global investigation into the suspected rigging of interbank lending rates.
“To describe (the evidence) as voluminous would be rather an understatement,” Mukul Chawla, leading counsel for Britain’s Serious Fraud Office (SFO), told a preliminary court hearing.
Judge Anthony Leonard told lawyers representing the SFO to serve their prosecution papers by Sept. 30 at the latest. Hayes, a Briton charged last month with conspiracy to defraud, spoke only to confirm his name. The former UBS and Citigroup trader did not enter a plea.
Authorities have been interviewing a string of traders in connection with a sprawling investigation into how crucial benchmark rates such as Libor (London interbank offered rate), against which trillions of dollars of loans are priced, were routinely rigged.
However Hayes, who allegedly manipulated Libor benchmark interest rates with staff from 10 leading banks and brokers over four years, is the first suspect to be charged by both UK and US prosecutors and brought before a UK court in a inquiry stretching from North America to Asia.
The next hearing at which the 33-year-old could submit a plea - a so-called Plea and Case Management Hearing (PCMH) - has been provisionally set for the week commencing October 21. In the interim, Hayes remains on bail.
