The Office of Serious Fraud (SFO) issued a statement following the Supreme Court’s ruling on Tom Hayes and Carlo Palombo.
According to the FX News Group earlier today, the Supreme Court has annulled Hayes and Palombo convictions.
The SFO said it would not seek re -proceedings.
Full statement can be found below:
“The Office of Serious fraud is investigating and prosecuting the most complex cases of fraud, bribery and corruption affecting the United Kingdom and the security of our economy.
Today’s Supreme Court’s ruling comes thirteen years after the first investigation of the practice used by some traders and submarines in selected banks to influence the basic reference interest rates interested in financial markets.
These prices were named the percentage of offered charts (“Libor”) and the peribor offered by Euribor and influenced the value of trillion -mounted financial products around the world, including pensions, mortgages and savings of simple human beings.
Our investigation led to nine senior bankers’ convictions for fraud off, with two of these people being kindly requested and seven were found by committees.
This decision has found that the legal guidelines given to the jury at the end of the trial were incorrect in the tests of Hayes and Palombo and therefore their beliefs have been found insecure today.
We have examined this crisis and the full conditions carefully and we decided that it would not be in the public interest in looking for a new trial. “