Barclays, four individuals charged with conspiracy to commit fraud

Dhaka,  Mon,  26 June 2017
Published : 20 Jun 2017, 18:04:37
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Barclays, four individuals charged with conspiracy to commit fraud

The Serious Fraud Office has charged Barclays and four individuals, including the bank's ex-chief executive John Varley, with conspiracy to commit fraud and for providing unlawful financial assistance during the financial crisis.

Since August 2012, the SFO had been investigating commercial agreements between Barclays and Qatari investors struck during the financial crisis. Qatar Holding, which is part of the Qatar Investment Authority sovereign wealth fund, and Challenger, an investment vehicle owned by a former Qatari prime minister, invested more than £5 billion in Barclays in June and October 2008.

According to Reuters, authorities had been examining whether payments from Barclays to Qatar made at the same time, for example around £322 million in "advisory services agreements" (ASA), alongside a multi-billion-dollar loan, were honest and properly disclosed.

On Tuesday, the SFO said that it had charged Barclays and John Varley, Roger Jenkins, Thomas Kalaris and Richard Boath.

The defendants will appear before Westminster Magistrates’ Court on 3 July.

Varley is the former chief executive officer of Barclays. Jenkins is the former executive chairman for the investment banking and investment management divisions of the bank in the Middle East and North Africa. Kalaris oversaw Barclays Wealth and Investment Management and Boath was the European head of the bank’s financial institutions group.

In a statement, Barclays said that it was “considering its position in relation to these developments”.

“Barclays awaits further details of the charges from the SFO,” it said.

-The Independent UK

 
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