World Economy

Barclays Former Boss Charged Over Qatar Funding

Barclays Former Boss Charged Over Qatar FundingBarclays Former Boss Charged Over Qatar Funding

Britain’s Serious Fraud Office said Tuesday it had charged Barclays, a former chief executive of the banking giant and three other ex-managers, with “conspiracy to commit fraud” linked to emergency fundraising from Qatar during the financial crisis.

The SFO added in a statement that former chief executive John Varley was one of those to face court following a five-year investigation, AFP reported.

“The Serious Fraud Office has today charged Barclays Plc and four individuals with conspiracy to commit fraud and the provision of unlawful financial assistance” linked to capital raising from Qatar in 2008 worth billions of pounds.

“The charges relate to Barclays Plc’s capital raising arrangements with Qatar Holding LLC and Challenger Universal Ltd, which took place in June and October 2008,” the SFO said.

It added that they relate also to a $3-billion loan facility made available to the State of Qatar acting through the country’s ministry of economy and finance in November 2008.

The other three charged are Barclays’ former executive chairman of investment banking Roger Jenkins, the former chief executive of Barclays wealth and investment management Thomas Kalaris and former European head of financial institutions group Richard Boath.

The defendants will appear before London’s Westminster Magistrates’ Court on July 3, the statement added.

In a separate statement, Barclays said it “is considering its position in relation to these developments” as it “awaits further details of the charges from the SFO”.

UK watchdog the Financial Conduct Authority already fined Barclays £50 million in 2013 after the bank failed to disclose fees it paid to the Qatari investors. Barclays contested the fine however, which has been on hold awaiting the SFO outcome. In addition, US authorities are probing the payments.


Add new comment

Read our comment policy before posting your viewpoints