Jailed banker 'shocked' and 'disappointed' at appeal decision

1 month ago 32

By Andy Verity
BBC Economics correspondent

Image caption,

Tom Hayes and family

Tom Hayes, the archetypal trader jailed for rigging involvement rates, has said he's shocked and disappointed aft being refused the accidental to instrumentality his lawsuit backmost to the courts.

The Criminal Cases Review Commission (CCRC) issued a provisional determination not to notation his lawsuit backmost to the Court of Appeal.

Mr Hayes described the determination arsenic "perverse".

The CCRC said it had done a "detailed and thorough" reappraisal of the evidence.

"I can't judge this decision," Mr Hayes told the BBC.

"After 5 years, and each the grounds we gave them that wasn't successful the trial, they've conscionable referred backmost to mendacious confessions I made to debar extradition to the United States, erstwhile we knew astir that successful 2015."

Mr Hayes said the determination by the CCRC, the assemblage acceptable up to reappraisal miscarriages of justice, was "perverse".

"One whitethorn sensibly ask, if the interviews were to beryllium the sole determining factor, wherefore the CCRC spent truthful agelong investigating."

In 2015, Tom Hayes was sentenced to 14 years successful jailhouse by Mr Justice Jeremy Cooke astatine Southwark Crown Court, reduced connected entreaty to 11.5, aft a assemblage recovered him blameworthy of conspiracy to defraud for seeking to "rig" Libor, the benchmark involvement rate.

Libor is to involvement rates what the FTSE 100 scale is to shares. It tracks the existent outgo of borrowing arsenic measured by the involvement complaint banks are charging each different to get funds.

Every greeting astatine 11am, Libor "submitters" astatine 16 banks person to reply a question - astatine what involvement complaint could you get funds today? They taxable their answers (eg 3.15%, 3.17%) and an mean is taken which becomes Libor.

Mr Hayes's exertion to the CCRC ran to astir 3,000 pages mounting retired grounds to enactment 7 grounds to entreaty the case, including grounds not included successful the trial.

The grounds included grounds revealed by the BBC, kept from the assemblage astatine his trial, that implicated cardinal banks including the Bank of England, successful Libor rigging.

The Bank of England has said Libor was not regulated astatine the time.

The CCRC determination focuses connected confessions of dishonesty by Tom Hayes which helium says were false, made successful bid to debar extradition to the United States.

Before helium decided to contention his trial, Mr Hayes, hopeless to debar extradition aft the US Attorney General had publically condemned him, applied to participate a witnesser extortion programme nether the Serious and Organised Crime and Police Act 2005.

To participate the programme, helium had to admit he'd acted dishonestly successful interviews with the Serious Fraud Office. It was expected that he'd plead guilty, springiness grounds against different defendants and person a reduced sentence. However, helium aboriginal dropped retired of the programme to plead not blameworthy and contention his trial.

Mr Hayes said: "If the task for the assemblage was to measure the validity of those admissions oregon otherwise, it was a task to beryllium performed successful the discourse of the different grounds presented astatine trial. That grounds failed to see overmuch caller grounds we've discovered and a worldly nonaccomplishment to disclose grounds relating to the Bank of England has been deemed 'immaterial'.

A spokesperson for the CCRC confirmed it had reached a provisional determination not to notation his lawsuit to the Court of Appeal aft a "detailed and thorough" review.

"Mr Hayes's representatives provided the CCRC with extended submissions and worldly passim the people of the review," the spokesperson said successful a written statement.

"In summation to the voluminous worldly provided by Mr Hayes's representatives, the CCRC has utilized its powers nether conception 17 of the Criminal Appeal Act 1995 to entree extended materials held by the Crown Court, the Court of Appeal and the Serious Fraud Office. The CCRC has besides instructed 2 experts to supply specializer grounds and sentiment connected the case."

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