Barclays bank and former bosses to stand trial in January 2019

Claudine Rigal
Juillet 17, 2017

Barclays and four former executives are set for a criminal trial in January 2019 over their Qatar fundraising charges.

The lender, ex-chief executive John Varley and former bankers Roger Jenkins, Thomas Kalaris, and Richard Boath, were last month charged by the Serious Fraud Office with conspiracy to commit fraud over undisclosed payments made to Qatari investors as part of negotiations for a capital injection.

They are the first senior bankers to face criminal charges in relation to events dating back to the banking crisis nearly a decade ago, when Barclays raised £11.8bn in emergency funds from a number of big investors, including Qatar.

Barclays raised around 12 billion pounds in two emergency fundraisings in June and October 2008, mainly from wealthy Gulf investors, that allowed it to avoid being nationalized at the height of the credit crisis.

Varley, Jenkins and Barclays face a further charge of providing unlawful financial assistance through the loan. Varley and Boath are on unconditional bail.

Jenkins left Barclays in 2009 and was famously once paid £40 million in a single year by the bank.

Varley was chief executive of Barclays until the end of 2010.

Kalaris, who appeared wearing a dark suit and yellow tie, used to lead the bank's wealth and investment management division, while Boath, who wore a dark suit and blue tie, was former head of the European financial institutions group at Barclays.

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

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