A former Barclays trader will have nearly £300,000 "confiscated" for manipulating the Libor (the UK equivalent of the BBSW), reports Bloomberg. Jay Merchant is already serving a sentence of over five years for his role in the rigging by a group of Barclays traders. He was the best paid of all the defendants, making £2.2 million in 2007. He reached a deal with the Serious Fraud Office to pay £275,890 in so-called confiscation and £21,961 in legal fees. Singapore has slapped bans on two more financial services executives over breaches related to 1Malaysia Development Bhd state investment fund, reports Bloomberg. Former BSI Bank wealth manager Yeo Jiawei was given a lifetime ban from providing any financial advisory services, or being a manager, director or substantial shareholder of any financial advisory firm in Singapore. Yeo has been convicted of money laundering, cheating and tampering with witnesses after the investigation into 1MDB. Scully, the founder of NRA Capital whose executive profile includes being "an adviser to two regulatory authorities of the Singapore government since 1999", has been given a three year ban for failing to use enough care, judgment and objectivity when performing a valuation of PetroSaudi Oil Services Ltd, an oil explorer that had formed a joint venture with 1MDB.