Barclays and former executives set for January trial over Qatar fundraising charges

Vincent Carr
July 17, 2017

John Varley, the former chief executive of the United Kingdom bank; Roger Jenkins, former executive chairman of investment banking and investment management in the Middle East and North Africa; Thomas Kalaris, who led Barclays Wealth and Investment Management; and Richard Boath, former European head of Barclays' financial institutions group, appeared for a hearing at Southwark Crown Court today.

John Varley, the former boss of Barclays, will stand trial alongside three former colleagues and the bank itself in January 2019, Southwark crown court was told on Monday.

Last month the Serious Fraud Office charged Barclays PLC and the former senior executives after a five-year long investigation into the emergency fundraising conducted by the bank in 2008.

Qatar invested about £4bn in Barclays in the June and October 2008 cashcalls, which raised a total of about £12bn.

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One was used by the then-Qatari prime minister, Sheikh Hamad bin Jassim bin Jaber al-Thani, and a $3bn (£2.3bn) loan advanced to Qatar in November 2008.

The defendants face a charge of conspiracy to commit fraud by false representation. Kalaris and Boath have been charged with a single count of conspiracy to commit fraud by false representation during a June 2008 capital raising.

Varley was chief executive of Barclays between 2004 and 2011. Kalaris ran the bank's wealth management arm.

Barclays said previously that the United States justice department and Securities and Exchange Commission is also investigating these agreements, and that the Financial Conduct Authority had investigated.

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