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ibusinesslines.com November 20, 2017


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

17 July 2017, 04:00 | Erica Roy

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

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

Barclays plc (LON:BARC) and four of its former top executives will appear in court on 9 January 2019 to begin a trial over the bank's emergency fundraising in 2008, a judge said today.

The bank, ex-group boss John Varley, 61, Roger Jenkins, 61, Thomas Kalaris, 61, and Richard Boath, 58, have all been charged with conspiracy to commit fraud over a June 2008 bid to raise capital.

The Serious Fraud Office has charged Barclays, Varley and Jenkins with two counts of conspiracy to commit fraud by false representation and providing unlawful financial assistance.

That means the trial should end some 11 years after the United Kingdom bank's controversial fundraising with Qatari investors that is the subject of the case.

The charges relate to two fundraisings in 2008, totalling almost £12bn, which included investments from Qatar Holding and Challenger Universal.

The four former executives are the most senior bankers to be charged for events that occurred during the financial crisis.


Varley, Jenkins and the bank face a second like charge of fraud by false representation, between 1 September 2008 and 30 November 2008.

None of the defendants were arraigned today (mon) and will not be asked to enter their pleas until sometime next year.

In a court hearing in London on Monday that lasted under one hour, Judge Andrew Edis set the date of the trial.

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

Kalaris, a dual US-UK citizen resident in London, and Jenkins, a British citizen resident in Malibu, California, are on £500,000 bail.



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