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BOXING promotor Barry Hughes has been fined £45,000 after appeal court judges quashed his 43-month jail sentence for mortgage fraud and money laundering.

The 35-year-old was jailed for three and a half years in March 2014 after pleading guilty at Glasgow Sheriff Court to illegally obtaining £1.2 million for two mortgages.

He was also convicted of laundering £150,000 and using some of the cash to buy a designer Rolex watch.

But yesterday, at the Court of Criminal Appeal in Edinburgh, his jail sentence was set asside.

Howevever prosecutors are now poised to take Hughes to court in a bid to win cash from him using Proceeds of Crime legislation.