Barclays Charged With Fraud in Qatar Case

Barclays and four former executives have been charged with fraud over their actions in the 2008 financial crisis.

The Serious Fraud Office case relates to the way the bank raised billion of pounds from Qatari investors enabling it to avoid a government bailout.

Former chief executive John Varley is one of the four ex-staff who will appear at Westminster Magistrates’ Court on 3 July.

Barclays says it is considering its position and awaiting further details.

“The charges arise in the context of Barclays’ capital raisings in June and November 2008. Barclays awaits further details of the charges from the SFO,” the bank said in a statement.

It is the first time criminal charges related to the financial crisis have been brought against a bank in the UK.

Mr Varley, former senior investment banker Roger Jenkins, Thomas Kalaris, a former chief executive of Barclays’ wealth division, and Richard Boath, the ex-European head of financial institutions, have all been charged with conspiracy to commit fraud in the June 2008 capital raising.

In addition, Mr Varley and Mr Jenkins have also been charged with the same offence in relation to the October 2008 capital raising and with providing unlawful financial assistance.

Mr Jenkins will “vigorously defend” himself against the charges, his lawyer has told Reuters.

“As one might expect in the challenging circumstances of 2008, Mr Jenkins sought and received both internal and external legal advice on each and every topic covered by the SFO’s accusations,” said Brad Kaufman from American firm Greenberg Traurig.

Mr Boath, who last year took Barclays to an employment tribunal on the grounds of wrongful dismissal, also pledged to defend himself.

He said in a statement: “The SFO’s decision to charge me is based on a false understanding of my role and the facts. I was not a decision-maker and had no control over what the bank did in 2008.”

———-http://www.bbc.com