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British police end inquiry into witness in Libor trials

British police end inquiry into witness in Libor trials
FILE PHOTO: Former trader Tom Hayes arrives at Southwark Crown Court with his wife Sarah, in London, Britain, August 3, 2015. REUTERS/Peter Nicholls   -   Copyright  Peter Nicholls(Reuters)
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LONDON (Reuters) – London police are ending a review of complaints about an expert witness used by prosecutors in four high-profile trials over the manipulation of interest rates, saying there was “insufficient evidence” an offence had been committed.

After a near two-year review into testimony given during London trials of bankers accused of rigging Libor benchmark interest rates, the Metropolitan Police said on Tuesday it had sought legal guidance and had now completed its assessment.

“In 2017 the Metropolitan Police Service received complaints regarding witness testimony,” it said. “These complaints were assessed to establish whether any criminal offences had been committed…It was determined there was insufficient evidence to suggest that any criminal offences had been committed.”

Tom Hayes, a former UBS and Citigroup trader and the first to be convicted by jury of Libor offences in 2015, and two other former traders sent reports to the Metropolitan Police in 2017.

“We’re very disappointed by the decision and we proposed to explore making further representation,” said Karen Todner, Hayes’s lawyer in London.

(Reporting by Kirstin Ridley; Editing by Rachel Armstrong)

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