Tom Hayes expected to launch next stage of Libor appeal this week, as convicted Barclays pair due in front of Court of Appeal

Hayley Kirton
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Former trader Tom Hayes was convicted in 2015 of offences related to rigging yen-linked Libor (Source: Getty)

Tom Hayes, the first person in the UK to be found guilty of playing a role in the Libor-rigging scandal, is due to kick off the next stage of his appeal against his conviction in the coming days.

City A.M. understands the former UBS and Citigroup trader will likely file his appeal to the Criminal Cases Review Commission (CCRC) later this week.

The CCRC is an independent body which considers whether failed appeals should be sent back to the courts to reconsider fresh evidence.

Hayes had his conviction upheld, but his sentence reduced from 14 years to 11, by the Court of Appeal in December 2015. His application to appeal to the Supreme Court was rejected last March.

The former trader, who described in a court hearing last year how he had lost nearly everything trading to earn his legal fees, is running a crowdfunding campaign to raise costs for the appeal and has raked in over £75,000.

Meanwhile, former Barclays bankers Jay Merchant and Jonathan Mathew, who were found guilty in a separate case last July, are due to appear in the Court of Appeal on Wednesday to ask for permission to appeal, according to the Serious Fraud Office's (SFO) court calendar.

City A.M. revealed in August that the two men had applied to appeal their convictions. Although those applications were subsequently turned down, they still had the right to renew those requests.

Merchant is currently serving a six and a half year sentence, while Mathew is serving four years.

The SFO has not responded to City A.M.'s request for comment at time of writing.

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