Rio Tinto director John Varley charged with conspiracy to commit fraud

(BLK) board, where he's been an independent director since 2009, after being charged with conspiracy to commit fraud in connection to Barclays' fundraising efforts in Qatar in 2008 during the financial crisis.

Barclays is the first bank to face criminal charges over actions taken during the crisis.

Rio said in a statement on Wednesday that Mr Varley had resigned with immediate effect, but did not mention the charges.

The bank, 61-year-old Mr Varley, Mr Jenkins, also 61, and their two former colleagues Mr Kalaris (61) and Mr Boath (58) have all been charged with conspiracy to commit fraud over the June 2008 fundraising.

They are ex-CEO John Varley, Roger Jenkins, former executive chairman of investment banking and investment management in the Middle East and North Africa, Barclays Capital; Thomas Kalaris, former chief executive of Barclays wealth and investment management, and Richard Boath, former European group head of Barclays.

The defendants will appear before Westminster Magistrates' Court on July 3, 2017.

Mr Varley is the former chief executive officer of Barclays.

According to Jenkins' lawyer, he will be looking to fight the case and "vigorously defend" himself and that he already received inter and external legal advice as of late.

Reuters is reporting authorities have examined whether payments from Barclays to Qatar at the same time as the recapitalisation, such as around 322 million pounds in "advisory services agreements", alongside the $US3 billion loan to the Gulf state, were honest and properly disclosed.

The suspicion is charges have been framed against Barclays Bank plc, the holding company rather than the business running the bank's day-to-day trading to encourage a guilty plea.

The bank said in response that it was "considering its position in relation to these developments" and is awaiting further information about the charges from the SFO.

  • Zachary Reyes