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 the Serious Fraud Office (SFO), told a preliminary hearing at Southwark Crown Court yesterday.
Judge Anthony Leonard told lawyers representing the SFO to serve their prosecution papers by 30 September 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. He is next due in court in October.
The Libor scandal, which has sparked public and political outrage, has to date seen UK and US regulators fine three banks a total of $2.6bn.
City A.M. Reporter