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(Bloomberg) -- Tom Hayes, the former UBS Group AG and Citigroup Inc. trader jailed for 11 years over Libor rigging, was granted permission by a London court to appeal a portion of his 880,000 pound ($1.2 million) confiscation order.
Hayes will be allowed to challenge the order related to the property he shared with his wife, known as the Old Rectory, and whether the transfer of the house to his wife amounted to a "tainted gift." He was denied permission to appeal the 1.9 million-pound valuation of the house or any rental income from the property.
Hayes was ordered to pay the penalty in March 2016 after he became the first person to be convicted for rigging the London interbank offered rate, or Libor, in 2015. He was initially sentenced to 14 years in prison, reduced to 11 on appeal. Libor is a key interest-rate benchmark pegged to trillions of dollars of securities that became the subject of a global scandal after it emerged traders had been manipulating the rate for their own benefit.
The judges allowed the appeal even though the application had been made outside of the time limit, but Judge Nigel Davis cautioned the case "can’t be allowed to drift on."
"We’re very pleased it’s going before the full court," Karen Todner, a lawyer for Hayes, said after the ruling Wednesday.
Hayes’s case is being reviewed by the Criminal Cases Review Commission -- an organization set up to investigate suspected miscarriages of justice -- after he exhausted all appeals over his conviction. He has raised about 91,500 pounds through crowdfunding for the appeal, according to his Fundrazr webpage.
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