Finance

Ex-Barclays CEO charged with fraud over Qatar funding

Ex-Barclays CEO charged with fraud over Qatar funding

The U.K.'s Serious Fraud Office Tuesday named the four men charged as Varley, Roger Jenkins (who was head of investment banking in 2008), Richard Boath (then European head of financial institutions) and US -born Thomas Kalaris, who was CEO of Barclays Wealth and Investment Management at the time.

In a highly-anticipated announcement, the Serious Fraud Office (SFO) said on Tuesday it was charging the bank with conspiracy to commit fraud by false representation and unlawful financial assistance.

The allegations center on how Barclays structured two capital injections from Qatari investors as the bank raised GBP11.8 billion ($15 billion) to prop it up during the 2008 financial market meltdown. They will appear before a court in London on July 3.

Barclays said in a statement that it is "is considering its position in relation to these developments".

Mr Varley and Mr Jenkins have also been charged with "conspiracy to commit fraud by false representation" and "unlawful financial assistance".

Top EU lawmaker says UK's aims a mystery
If so, it could have to be ratified by up to 38 national and regional parliaments, with any of them effectively holding a veto. We need a transitional arrangement to get from where we are now to whatever future arrangements we agree with the EU.

It added that the City watchdog, the Financial Conduct Authority (FCA), had reopened its investigation while United States authorities were continuing their own inquiries.

Mr Kalaris - an American banker living in London - used to lead the bank's wealth and investment management division, while Mr Boath was the former European head of financial institutions group at Barclays.

The way the bank secured the investments in 2008 has since been mired in controversy.

Barclays' former chief executive John Varley is one of those charged. This relates to two advisory services agreements entered into with Qatar Holding LLC in June and October 2008.

"Also, as previously disclosed, a civil claim has been served on Barclays Bank PLC by PCP Capital Partners LLP and PCP International Finance Limited in relation to the November 2008 capital raising, which Barclays Bank PLC is defending".


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