UK Fraud Office charges Barclays over Qatar fund-raising
- Author: Zachary Reyes Jun 20, 2017,
Jun 20, 2017, 11:29
In addition to the allegations it was levelling against the bank, the SFO charged its then chief executive John Varley and another senior executive at the time, Roger Jenkins, with conspiracy to commit fraud by false representation over the capital raising.
The UK's Serious Fraud Office has charged Barclays and four of the bank's former executives over capital raisings carried out at the height of the financial crisis. The defendants will appear at Westminster Magistrates' Court on July 3.
Two other men in senior roles at the bank in 2008- Thomas Kalaris and Richard Boath - face a single charge of conspiracy to commit fraud by false representation in relation to the June 2008 fundraising only.
Barclays and four former senior executives have been criminally charged in a high-profile United Kingdom investigation into undisclosed payments to Qatari investors during a NZD$21 billion emergency fund raising in 2008.
Barclays said it awaits further details of the charges from the SFO, which has also informed the bank that it has not made a decision as to whether it will also bring charges against it in respect of the loan.
Barclays, Varley and Jenkins were also charged with providing unlawful financial assistance. Mr Boath and Mr Kalaris each face one fraud count.
The criminal charges are the first to be bought against a bank and its employees related to the 2008 financial crisis.
The charges come almost five years after the SFO opened its case. In a separate probe, the U.K.'s Financial Conduct Authority imposed a GBP50 million fine over the disclosure failures. The Barclays case will be particularly scrutinized as so far no top bank executives in the United Kingdom have been charged with crimes linked to their actions during the financial crisis.
Barclays bank headquarters in Canary Wharf, east London.
The United States Department of Justice and the US Securities and Exchange Commission have also been carrying out investigations over the payments. It emerged later that Barclays had lent Qatar $3 billion within a few months of the deal, effectively lending its client the money to finance much of its investment.