Finance

Appeal decision for convicted Libor rigger Tom Hayes delayed again

The Criminal Cases Review Commission has again postponed the date at which it will decide whether to refer convicted Libor rigger Tom Hayes’ case to the Court of Appeal.

The CCRC, an independent body responsible for investigating suspected miscarriages of justice, said the delay was necessary to give the body time to work through more than 150 pages of additional evidence sent by Hayes’ lawyers in September in support of appealing his case.

An email sent from a CCRC representative to Hayes’ lawyer Karen Todner on 15 October read: “The current position is that I aim to complete my work on the documents by the end of this month, and they will then be circulated to the decision making committee for approval.”

“If the Committee is content with the documents, then the decision could be issued by the end of November. However, if further revisions are required then it will take longer,” the email continued.

It marks the second time in as many months that the CCRC has delayed making a decision on the former UBS and Citigroup trader’s case.

READ Why quashing Tom Hayes’ Libor conviction could spell a new era for the City

The body began investigating Hayes’ case almost five years ago after lawyers for the trader submitted their call for a review in a bid to have his conviction quashed.

It told lawyers for Hayes in July that it was working towards issuing a decision on the matter in September. As part of its investigation, the CCRC added that it was considering academic research that claims convicted Libor rigger Hayes was wrongfully imprisoned. This was followed up in September with an email stating that the CCRC would aim to issue a decision on the matter in October.

The CCRC could refer Hayes’ case to the Court of Appeal if it decides there is a “real possibility” that his original conviction will be quashed by the Court, a spokesman for the body told FN in December.

READ Convicted Libor rigger Tom Hayes battles SFO for return of his passport

It could also decide that the case needs a further review before making a decision, or that there are no grounds to refer the case to the Court of Appeal. In the latter scenario, Hayes and his legal team will have an opportunity to review the CCRC’s reasons for such a decision and put forward their response.

A spokesperson for the CCRC confirmed that the 15 October email “was an accurate statement of the current position”.

“We received further representations together with 150 pages of supporting material from Mr Hayes’s legal team on 29 September,” the spokesperson said. “It is important to consider those materials in detail before finalising any decision made in this case.”

READ Convicted Libor rigger Tom Hayes ‘blocked’ from UK banks

Hayes’ lawyer Todner said it was “unfortunate we have to wait further”. She said, however, that it was “important that the CCRC do a thorough job”.

“Tom had already waited four years and is keen for his conviction to be overturned as soon as possible so he can move on,” she added.

A spokesperson for the Serious Fraud Office — the government agency that investigates complex white-collar crime in the UK — told FN in early September said that the agency “continues to assist the CCRC in its enquiries”.

To contact the author of this story with feedback or news, email Lucy McNulty

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