Jailed Libor trader Tom Hayes fined almost $1.7 million

Former trader Tom Hayes arriving at court in London on July 29, 2015.
Former trader Tom Hayes arriving at court in London on July 29, 2015.PHOTO: REUTERS

LONDON (AFP) - A former British trader, who was jailed last year for Libor rate-rigging, was ordered on Wednesday by a senior judge to pay almost £900,000 (S$1.7 million) in a confiscation order.

Tom Hayes, 36, will have to hand over assets worth £878,806, a London court ruled, with costs to be decided at a later date.

The former trader had faced a bid by the Serious Fraud Office to seize more than £2 million of his assets - but a High Court judge ruled on Wednesday that he should pay less than half this amount.

Hayes was jailed for 14 years in August 2015 after being convicted of rigging the benchmark Libor interbank lending rate - a key reference for financial products - while working for UBS and Citibank.

His sentence was later reduced on appeal to 11 years.