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Barclays and former top execs charged following Qatar bailouts

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  • 20/06/2017
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Barclays and former top execs charged following Qatar bailouts
The Serious Fraud Office has charged Barclays Bank and four high profile individuals including its former CEO with conspiracy to commit fraud and the provision of unlawful financial assistance.

The charges follow a five-year-long investigation into how the bank raised capital from Qatar during the financial crisis.

During 2008, rather than accept a government bailout to ease its credit problems, Barclays sought funding from elsewhere and succeeded in doing so via a series of side deals with the state of Qatar.

 

The charges made are:

Conspiracy to commit fraud by false representation in relation to the June 2008 capital raising: Barclays Plc, John Varley, Roger Jenkins, Thomas Kalaris and Richard Boath.

Conspiracy to commit fraud by false representation in relation to the October 2008 capital raising: Barclays Plc, John Varley and Roger Jenkins.

Unlawful financial assistance: Barclays Plc, John Varley and Roger Jenkins.

 

Those charged are:

John Varley, former chief executive officer of Barclays;

Roger Alan Jenkins, former executive chairman of investment banking and investment management in the Middle East and North Africa, Barclays Capital;

Thomas Llewellyn Kalaris, former chief executive of Barclays Wealth and Investment Management;

Richard William Boath, former European head of financial institutions group.

 

The defendants will appear before Westminster Magistrates’ Court on 3 July.

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