Prosecutor at Libor trader trial says intent, not outcome, is key

Gavel

The prosecution in the first trial of a defendant accused of rigging Libor told the jury on Monday that what mattered was the dishonest intent to influence benchmark interest rates for profit, not the outcome of the manipulation.

Reuters reports that the trial of Tom Hayes, a former yen derivatives trader who denies eight counts of conspiracy to defraud, is entering its final stages at London's Southwark Crown Court with the closing speech by lead counsel for the prosecution Mukul Chawla.

'Essentially this case ... boils down to issues of honesty and dishonesty', Chawla told the jury.

'It is patently clear that in relation to these eight counts ... you can be sure that his actions were dishonest'.

Hayes, 35, was working in the Tokyo offices of the bank UBS and later of Citi during the indictment period, which runs from 2006 to 2010. Neither bank is a party to the case, which is a criminal prosecution brought by Britain's Serious Fraud Office.

To access the complete Reuters article hit the link below:

Dishonest intent, not outcome, key in Libor trial - prosecutor

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