Three men to appear in court in Libor case

Marion Dakers
FORMER UBS and Citigroup trader Tom Hayes will appear at Southwark Crown Court today to answer charges related to the Libor-rigging scandal.

Tom Hayes is expected to enter a plea for eight counts of conspiracy to defraud at Southwark Crown Court, and will appear along with Terry Farr and James Gilmour from RP Martin, who were charged with Libor offences in July.

The court will also hear from more than 20 people set to be named on the indictments, but who can apply to remain anonymous. The Serious Fraud Office took out an injunction against the Wall Street Journal on Thursday after it named some of the alleged co-conspirators. Ten banks including Citi and UBS were named in earlier hearings.

Hayes was arrested in December as part of the SFO’s investigation into the manipulation of the London Interbank Offered Rate. His charges relate to his time at Citi and UBS between 2006 and 2010.

Lawyers involved in the case and the SFO did not respond to requests for comment yesterday.

Separately, Handelsblatt reported that Deutsche Bank is speaking to around 50 employees after an internal probe into possible Libor rigging. Deutsche declined to comment.