Serious Fraud Office under fire after Hayes Libor conviction is quashed by the Supreme Court
Hayes and Palombo were jailed for manipulating the Libor benchmark rate to benefit their own trading positions.
But yesterday Britain's highest court ruled that the judge in Hayes' case had misdirected the jury in a way that effectively removed from them the ability to consider his defence.
'That was an error,' it said. Palombo's conviction was unsafe for similar reasons. And it could pave the way for seven others convicted of similar offences to be cleared.
For Hayes, who was convicted in 2015 and spent five-and-a-half years in jail – destroying his career and marriage – it completes a decade-long fight for justice.
And the case raises serious questions about the SFO after setbacks in other major cases including prosecutions involving executives at Tesco, G4S and Serco.
Tory MP David Davis, who backed the traders, said: 'This is a major scandal in which traders were made scapegoats for the sins of the financial crisis.
'Lives ruined, families torn apart, careers and reputations destroyed and of course for Tom and Carlo, loss of liberty. Their cases serve as yet another example of a justice system gone badly wrong.'
Davis claimed the SFO was part of a 'scapegoating exercise' also including the banks and the City regulator.
Karen Todner, Hayes' solicitor, said: 'The SFO failed spectacularly. The result destroyed people's lives who frankly did not deserve it.'
Todner called for a public inquiry and said the right of bodies such as the SFO as well as the Post Office and the RSPCA to prosecute individuals should be removed.
'The dual role of the SFO as investigator and prosecutor creates a substantial conflict of interest which creates miscarriages of justice,' she added.
'It should be disbanded. I think they really failed as a team.'
Hayes said: 'The behaviour of the SFO is shocking. The SFO is a conflicted organisation that's not fit for purpose. It's got a history of criminalising the non-criminal.'
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Independent
7 minutes ago
- The Independent
Family of woman murdered by ex-fiance say he is ‘no longer free to harm women'
The family of a woman who was murdered by her ex-fiance at a luxury Surrey hotel have expressed their relief that he is 'no longer free to harm' other women, as they paid tribute to her as 'the kindest light in all our lives'. James Cartwright, 61, stood trial at Guildford Crown Court accused of killing Samantha Mickleburgh, 54, whose body was found at the five-star Pennyhill Park Hotel in Bagshot on April 14 last year. The mother-of-two, from Axminster in Devon, had agreed to stay in a twin room with Cartwright because she 'didn't want him to feel lonely' on his birthday, the jury was told. He phoned 999 at about 8.30am the next morning claiming he had discovered her dead beside him in bed. A jury unanimously convicted him on Thursday, after one afternoon of deliberation, of murder and rape between April 12 and April 14 last year, but acquitted him of controlling and coercive behaviour between May 1 2022 and April 14 2024. In a statement through Surrey Police, Ms Mickleburgh's family said: 'We as a family, are relieved that this has finally come to an end. That the defendant has been seen for who he truly is, a rapist and a murderer. No longer free to harm or control any more women. 'Unfortunately it was too late for our beloved daughter, mother, sister and friend. She truly was the best of us, the kindest light in all our lives and the hole left behind is one of such severe magnitude we will likely never escape it. ' Justice will not bring her back, but it has provided a form of closure on this dark chapter and security in the knowledge that James Cartwright will remain in the safest place for everyone. 'Samantha wouldn't want to be known as a victim. She would want to be known for her passion for life, her class and beautiful style, her honesty, integrity, strength and dedication to all who knew her. 'We continue to ask for privacy as we navigate what it means to live in a world without Samantha and her incredible personality and love.' Members of her family cried in court after the verdicts were read out and hugged each other after the hearing. Mr Justice Murray set the sentencing date for August 8 and told the defendant: 'You have been found guilty of the murder and rape of Samantha Mickleburgh. 'You are remanded in custody to await the sentencing hearing. 'You may now go down.' Cartwright, who did not react as the jury gave its verdicts, told the judge 'thank you' before leaving the dock. Giving evidence during the trial, Cartwright claimed Ms Mickleburgh died after falling out of bed. The Crown Prosecution Service said the claims were part of his 'web of lies'. Moses Koroma, senior crown prosecutor for CPS South East, said: 'It was clear from the forensic evidence that Samantha had been murdered. She was strangled and had a significant head injury, and the jury saw straight through Cartwright's claims that this had all resulted from her falling out of bed. 'As soon as he called 999, Cartwright started to weave his web of lies, telling police that Samantha had asked him to move back in and they were due to get married a few months later. 'A very different picture emerged of their relationship from conversations Samantha had with friends and family about their life behind closed doors. 'Worried that he would be alone for his 60th birthday, Samantha honoured her promise to spend the weekend with Cartwright. 'He took advantage of this last selfless act with a vicious and murderous attack.' Surrey Police said Cartwright 'has never admitted responsibility or shown any remorse' for the attack. Detective Inspector Debbie Birch said: 'This trip was meant to be one last kindness before she moved on with her life. 'Tragically, Cartwright ensured that she was never able to do this. His control and possessiveness meant he couldn't bear to let her go, despite having another girlfriend at the time. 'He callously murdered her and has never admitted responsibility or shown any remorse, but the jury saw him for what he is and has found him guilty.' Cartwright also told jurors during the trial that Ms Mickleburgh owed him about £100,000 at the time of her death, as she had borrowed money to help renovate a property she bought in early 2023. They lived together and got engaged later that year, when Cartwright proposed on a beach during a holiday. He told the court the proposal was met with 'an immediate and emphatic yes' and described their relationship at the time as 'extremely amicable and friendly and loving'. But the relationship began to break down when Cartwright discovered 'highly sexual' messages from Ms Mickleburgh's former partner on her phone and later on her laptop. On October 2, he confronted her and admitted standing in front of her car to stop her leaving their home after an argument. 'She got into her car. It was clear that she was going to drive away,' he told the court. 'I pulled (the gate) to prevent the car from leaving. 'She chose to drive through the gate and on to the road, so I had to put myself in front of the car to stop her leaving, because the gate hadn't worked.' Cartwright said he was embarrassed by his behaviour and later apologised. Although they continued to live together until February 2024 and remained physically intimate, he said he no longer trusted her. About two weeks before moving out, he found further messages between Ms Mickleburgh and her ex-partner but chose not to confront her. Instead, he said he asked if they had been in touch, and she denied it – something he described as 'almost terminal on my part'. After their separation, Cartwright began speaking to other women on the dating app Bumble, and told one that the forthcoming dinner with his ex had 'the feel of a final farewell'. Another message described it as 'the last goodbye'. Cartwright said he had not yet met the women in person and was only seeking 'companionship' and 'friendship'. The defendant, of no fixed address, told the court he had been married and divorced three times and had three adult daughters.
The Independent
7 minutes ago
- The Independent
BYD Sealion 7 vs Tesla Model Y: Which mid-size SUV is best?
You can hardly move for new mid-size electric SUVs in 2025. The category has become the de facto battleground for the world's car makers and, for years now, the Tesla Model Y has topped sales charts. The planet's best-selling car is the obvious benchmark against which all newcomers are measured. One of the latest hopefuls seeking to challenge Tesla's dominance, the BYD Sealion 7 arrives from China with more than a hint of the Model Y about it. Tesla built its reputation on a minimalist, software-first approach, prioritizing range, efficiency and charging network. Chinese battery and automotive giant BYD takes a more traditional route, focusing on premium materials, lavish interior design and a feature-rich experience from the moment you step inside. Families and company car drivers making the switch to electric have a decision to make. Can the Sealion 7's build quality and luxurious cabin justify a higher price tag against the newly refined and more affordable Model Y? We've compared both cars to find out. How we tested and compared We've driven both the Tesla Model Y and BYD Sealion 7 extensively on a variety of roads in the UK and abroad. Close attention is paid to performance and handling when navigating around town centres, along country roads and at motorway speeds. As well as assessing ride quality, we put their infotainment systems through their paces and tested the practicality of their back seats and boot capacity. Specs Independent rating: 6/10 Independent rating: 9/10 Pros: Now rides better, super quiet, the best tech, efficient Cons: Still a firm ride, others do quality better, no Apple CarPlay or Android Auto Price range: £44,990 to £60,990 Battery size: 75kWh Maximum claimed range: 387 miles Miles per kWh: 4.4v Maximum charging rate: 250kW Battery, range and charging Winner: Tesla Model Y – it goes further on a smaller, more efficient battery and is backed by a convenient charging network The BYD Sealion 7 enters the arena with a larger top-spec battery at 91.3kWh, but only manages a maximum claimed range of 312 miles from it. The Sealion 7's 230kW peak charging speed is respectable, but that shorter range means that overall efficiency is just average. In contrast, the newly updated Tesla Model Y offers a maximum range of 387 miles from a smaller and lighter 75kWh battery. The charging speed is roughly similar at a peak of 250kW, but the Model Y benefits from Tesla's greatest asset: the Supercharger network. The car's navigation leads you to the best charger for any given journey and automatically preconditions the battery before you arrive, a value-add that BYD can't match. Performance and drive When it comes to performance, both the BYD Sealion 7 and Tesla Model Y offer a snappy 0-62mph time of 4.5 seconds and more than enough instant acceleration for any situation. BYD is so proud of that figure it puts it on the badge on the boot. Although performance is the same, the difference is in how they behave on the road. Our full BYD Sealion 7 review describes the ride as an unsatisfying combination of 'wallowy and firm'. The mid-size SUV leans through corners and can feel bouncy, but it's also firm over potholes, with unresponsive steering that fails to live up to the sporty performance figures. This is where the new and updated Model Y pulls ahead. The biggest flaw of the original car – its harsh ride – has been addressed. Our full Tesla Model Y review calls it 'far more composed over bumps' and a 'much more mature, even luxurious car.' While still firm, the Model Y is no longer uncomfortable and a lot more pleasant to drive, giving it an edge over the BYD. Interior and practicality Winner: BYD Sealion 7 – for its superior materials and premium cabin Here's where the Sealion 7 lands its most convincing punches. Stepping inside, the cabin feels genuinely premium, with high-quality, posh materials and an intricate, flowing design. The build quality is impressive and passenger space is excellent, especially in the rear. The Tesla Model Y's minimalist cabin has been subtly upgraded with more comfortable seats and better materials, but it can't match the traditional luxury or lavish feel of the BYD. For buyers who value plushness and smart design, the Sealion 7 has the clear advantage. In terms of practicality, both of these mid-size SUVs are evenly matched. The BYD has a slightly bigger 520-litre boot and a 58-litre frunk, and holds a healthy 1,789 litres with the seats folded down. The Tesla officially lists its boot size as 854 litres, though that's measured to the roof. Measure to the window-line like most brands and you get something nearer to Sealion 7. Fold down the seats and the Model Y boasts a total cargo volume of 2,138 litres. Price and value Winner: Tesla Model Y – it's cheaper to buy across all trim levels while offering significantly more range Undercutting the market leader on price is a proven strategy for any challenger brand, so it's odd that BYD has chosen to do the opposite. The entry-level Sealion 7 starts at £46,990, a full £2,000 more than the entry-level Tesla Model Y at £44,990, despite the Tesla offering more range for the money. The price gap only widens as you add more kit. The top-spec, all-wheel-drive Sealion 7 Excellence is priced at a hefty £58,990, whereas the new Model Y Long Range All-Wheel Drive seems cheap by comparison at just £51,990. For your extra £7,000, the BYD gives you significantly less driving range, too. While BYD does offer a longer six-year vehicle warranty compared to Tesla's four, it's not enough to overcome a fundamental shortcoming in price and performance – the value proposition is not in the Sealion 7's favour. Technology and infotainment Winner: Tesla Model Y – Tesla is renowned for its slick and integrated user experience, but BYD isn't far behind in terms of intuitive software. Compatibility with Apple CarPlay and Android Auto give the Sealion 7 an undeniable usability boost, too BYD has equipped the Sealion 7 with a showstopping 15.6in rotating touchscreen that's crisp, responsive and supports both Apple CarPlay and Android Auto. With clever usability touches and a brilliant Dynaudio sound system, it's an excellent standalone piece of kit. The Tesla Model Y sticks to its minimalist principles with a single 15.4in screen that controls everything. It still doesn't offer Apple CarPlay or Android Auto, which will be a deal-breaker for some. However, its strength lies in its neatly integrated software ecosystem. The native navigation, seamless link to the Supercharger network and the best-in-class smartphone app give drivers a hassle-free user experience. The addition of a new 8in screen for rear passengers is another advantage over the BYD. The verdict: BYD Sealion 7 vs Tesla Model Y The BYD Sealion 7 would be a compelling rival to the Tesla Model Y, but it's scuppered out of the gate by its pricing strategy. It's a spacious and well-built SUV with a premium-feeling interior and some excellent technology – in a vacuum, the Sealion 7 is an impressive car. But in a market dominated by the Model Y, the Sealion 7 is edged out by the Tesla in too many key areas. The Sealion 7 is more expensive, has less range, is less efficient and offers a less composed driving experience than its main rival. The 2025 update puts the Tesla Model Y back at the top of its game. It may not have the luxury feel of the BYD's cabin, but it's the superior EV and the more rewarding and economical car to own and drive.
Auto Express
7 minutes ago
- Auto Express
Car Deal of the Day: a family-friendly Renault Captur for just £161 a month
Smart looks inside and out Easy to drive; strong standard kit list Just £160.85 a month With the spotlight firmly on Renault's reimagined electric cars like the retro 4 and 5, it's easy to forget models like the Captur. This Renault Clio-based SUV has been around for a while, but it still stacks up well against the competition, thanks to great tech, efficient powertrains, and, judging by this deal, excellent value for money. Leasing Options is offering the baby high-riding Renault for a measly £160.85 a month right now. This two-year deal only requires a £2,280.19 initial payment to get the things moving, while mileage is limited to 5,000 miles a year. Just over £17 extra a month, though, allows this limit to be raised to 8,000 a year if you need. Advertisement - Article continues below This deal is for the entry-level Evolution trim, which, rather impressively, gets you 17-inch diamond-cut alloys, a 10.4-inch touchscreen with a Google-based operating system, a rear-view camera, and automatic climate control. Under the bonnet lies one of Renault's 1.0-litre petrol engines. Admittedly, this isn't the quickest engine around, with 0-62mph taking a very leisurely 14 seconds. But, on the plus side, it's smooth enough, and the six-speed manual gearbox is a delight to use. Fuel economy, meanwhile, stands at nearly 48mpg. While speed isn't on the Captur 1.0 Tce's side, comfort most certainly is. It's a very soft-riding car, giving a cosseting ride. At cruising speeds, the Captur belies its size and feels very refined; it's also super-quiet at higher speeds. Thanks to a refresh last year, the exterior neatly covers the Captur's age, and the interior is nicely modern too thanks to an overhauled infotainment set-up. The Car Deal of the Day selections we make are taken from our own Auto Express Find A Car deals service, which includes the best current offers from car dealers and leasing companies around the UK. Terms and conditions apply, while prices and offers are subject to change and limited availability. If this deal expires, you can find more top Renault Captur leasing offers from leading providers on our Renault Captur page. Check out the Renault Captur deal or take a look at our previous Car Deal of the Day selection here… Find a car with the experts Electric cars driven until they die: the truth about EV range Electric cars driven until they die: the truth about EV range Five EVs under £24k have joined Dacia's Spring on the UK market. How far can you go on a budget? We find out New Citroen C5 Aircross SUV undercuts the Volkswagen Tiguan by a huge £7k New Citroen C5 Aircross SUV undercuts the Volkswagen Tiguan by a huge £7k Citroen's revamped flagship C5 Aircross SUV is available to order now with hybrid or electric power Car Deal of the Day: Polestar 4 is a head-turning EV for a super cool price Car Deal of the Day: Polestar 4 is a head-turning EV for a super cool price The 'car with no rear window' is looking seriously cheap on lease right now. It's our Deal of the Day for July 28
