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Barclays and four bank chiefs face fraud charges over 2008 crisis fundraising
20 June 2017, 10:25 | Jan Cross
Barclays Jes Staley takes part in the Yahoo Finance All Markets Summit in New York U.S. February
The SFO said the charges relate to Barclays "capital raising arrangements" in Qatar "which took place in June and October 2008, and a $3bn loan facility made available to the State of Qatar acting through the Ministry of Economy and Finance in November 2008".
Since August 2012, the SFO had been investigating commercial agreements between Barclays and Qatari investors struck during the financial crisis.
The prosecutor accused Mr. Varley, who was the bank's chief executive between 2004 and 2011, of conspiracy to commit fraud and unlawful financial assistance.
The Serious Fraud Office said Tuesday that former Chief Executive Officer John Varley, former chairman of investment banking for the Middle East Roger Jenkins, ex-deputy head of investment banking Richard Boath and ex-wealth chief Thomas Kalaris face charges along with the bank.
Varley and Jenkins also face a charge of unlawful financial assistance, the SFO said.
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The announcement follows a five-year investigation into the events surrounding the £11.8bn emergency fundraisings conducted by Barclays during the height of the 2008 financial crisis, when it raised billions of pounds from Qatar.
All of the defendants will appear before Westminster Magistrates' Court on July 3, the SFO said.
Conspiracy to commit fraud by false representation in relation to the October 2008 capital raising, contrary to s1 and s2 of the Fraud Act 2006 and s1 (1) of the Criminal Law Act 1977 - Barclays Plc, John Varley and Roger Jenkins.
According to Reuters, authorities had been examining whether payments from Barclays to Qatar made at the same time, for example around £322m in "advisory services agreements" (ASA), alongside a multi-billion-dollar loan, were honest and properly disclosed.
Barclays says it is considering its position and awaiting further details.
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