Trio of ex-Barclays bankers convicted of Libor rigging due to face confiscation hearing tomorrow

Hayley Kirton
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Jay Merchant (pictured) was found guilty last year (Source: Getty)
hree ex-Barclays bankers previously found guilty of Libor-rigging offences are scheduled for confiscation hearings in a London court tomorrow.

Jonathan Mathew, Jay Merchant and Alex Pabon were convicted and handed jail sentences last summer in the third case brought to court as part of the Serious Fraud Office's ongoing Libor investigation.

Former submitter Mathew is currently serving a four-year sentence, while ex-traders Merchant and Pabon are serving six and a half years and two years and nine months, respectively.

Confiscation proceedings take place after a guilty verdict or plea, and are designed to strip defendants of any assets determined to have been obtained as a result of their crime.

Peter Johnson, a fourth ex-Barclays banker who pleaded guilty before the start of the trial, has already been handed a confiscation order of £114,501.19.

Tom Hayes, the first person in the UK to be found guilty of Libor-rigging offences, was ordered to pay £878,806 under a confiscation order last March.

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