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Dear Usman, Good Day...... Well you have to first evaluate the person if he is a habitual liar or a conditional liar..... There are examples of people tends to tell a lie just to cover their laziness or undesciplined living / work habits. on the other hand there are certain people who are habitual liars and cannot live without it.
The conditional liars whenever put under desciplinary watch, they usually overcomes the weakness. The habituals usually doesn't respond to this.
One more thing to discuss: "as your statement depicts, That liar is a good sales contributor....... means his work efficiency is not suffered due to his habit of telling lies...... so to my opinion, keep him under close supervision, give him a task and make him accountable for that...... make a close follow-up of every activity regarding this task........ This is how you will not give him enough room to play with the words.
REMEMBER...... Dont loose performers, as after all, they are your assets "LIKE A DIAMOND.... That need polishing to become valuable.
Good Luck
look,any respectable organization must have its values& behaviours that keept integrity of it.this liar man should be subjected to a plan of improvement regarding ethics& team communications.if respond should be put under focus for more development ,otherwise must be fired to protect team integrity.