Finance

Tom Hayes appeal decision delayed to October

The Criminal Cases Review Commission has confirmed it is aiming to issue a decision in October on whether to refer convicted Libor rigger Tom Hayes’ case to the Court of Appeal.

The CCRC, an independent body responsible for investigating suspected miscarriages of justice, told lawyers for the former UBS and Citigroup trader that while it was close to completing its decision-making process on Hayes’ case, a decision would likely not be forthcoming until next month at the earliest.

In a 15 September email from the CCRC to Hayes’ lawyer Karen Todner, a case review manager from the body said that it was “finalising the CCRC’s decision documents in Mr Hayes’s case”.

“Good progress is being made, and I aim to complete my work on the documents within approximately the next two weeks,” the email said, adding that a decision on the case could then be issued in October, subject to approval from the CCRC representatives responsible for reviewing the matter.

“If the Committee is content with the documents, then the decision could be issued in October. However, if further revisions are required then it will take a little longer,” the email added.

READWhy quashing Tom Hayes’ Libor conviction could spell a new era for the City

The CCRC began investigating Hayes’ case almost five years ago after lawyers for the trader submitted their call for a review in a bid to have his conviction quashed.

The body told lawyers for Hayes in July that it was working towards issuing a decision on the matter in September. As part of its investigation, the CCRC added that it was considering academic research that claims convicted Libor rigger Hayes was wrongfully imprisoned.

The CCRC could refer Hayes’ case to the Court of Appeal if it decides there is a “real possibility” that his original conviction will be quashed by the Court, a spokesman for the body told FN in December.

It could also decide that the case needs a further review before making a decision, or that there are no grounds to refer the case to the Court of Appeal. In the latter scenario, Hayes and his legal team will have an opportunity to review the CCRC’s reasons for such a decision and put forward their response.

Todner and a spokesperson for the CCRC were contacted for comment.

A spokesperson for the Serious Fraud Office — the government agency that investigates complex white collar crime in the UK — told FN in early September said that the agency “continues to assist the CCRC in its enquiries”.

To contact the author of this story with feedback or news, email Lucy McNulty

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