Prosecutors claim to have plenty of evidence in Hayes’ Libor case

 
City A.M. Reporter
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.