Ex-Barclays trader claims concerns over “fair trial” prompted trial no-show
An ex-Barclays trader who will be tried in his absence over allegations he fixed the Euribor borrowing benchmark rate did not turn up because of concerns he would not receive a fair trial, his lawyer said today.
Philippe Moryoussef's lawyer said in a statement that he was "compelled" to refuse to attend the trial and has placed himself "under the protection French law".
Moryoussef did not attend the trial at Southwark crown court, where he faces charges of conspiracy to defraud over actions which took place between the start of 2005 and the end of 2009 – a crime which carries a maximum sentence of 10 years.
The judge in the case decided last week that the trial could go ahead in absentia.
Read more: First Euribor-rigging trial kicks off today
In a statement, Moryoussefs Paris-based lawyer, Francois de Castro, said the absence of other defendants in the case and the length of time between the alleged offences and the trial represented "serious and repeated violations to the principle of a fair trial".
He added: "The rejection of these legitimate requests [to cancel proceedings] could only make us fear that this trial would not be fair."
Moryoussef is among four Barclays traders on trial, alongside Carlo Palombo, Colin Bermingham and Sisse Bohart, as well as former Deutsche Bank trader Achim Kramer. The other defendants plead not guilty, and attended the court at the start of the case, which continues.
Another trader, Christian Bittar, who was previously considered to be a star name at Deutsche Bank, pleaded guilty to Euribor manipulation last month, but German authorities have rejected extradition requests for another five bankers to face trial in the UK over conspiracy to rig the Euribor rates.
Read more: Ex-Deutsche Bank trader Christian Bittar pleads guilty to Euribor rigging
Moryoussef's lawyer said the publication of Bittar's guilty plea means the trial violates the former's human right to a fair trial under European legislation, while the absence of other accused in the alleged conspiracy would lead to a "necessarily truncated judgment".
The charges were brought by the Serious Fraud Office (SFO) in January 2016, but the trial, initially scheduled to start in September 2017, has been pushed back multiple times.
A law firm and barristers who formerly acted for Moryoussef in the UK no longer represent him, City A.M. understands.
The SFO declined to comment.
The investigation into the rigging of Euribor, the Euro Interbank Offered Rate, came amid an intense focus on misconduct around the setting of interest rate benchmarks which are used daily in contracts representing trillions of pounds of deals.
This included the infamous Libor rates, the London equivalent.
Read more: Ex-Barclays trader Alex Pabon loses Libor rigging appeal
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