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Barclays and former executives set for January trial over Qatar fundraising charges
17 July 2017, 07:21 | Jan Cross
Barclays has been hit by SFO criminal charges related to its 2008 fundraising
Four former Barclays plc executives will stand trial in January 2019 on allegations they conspired to commit fraud over the bank's 2008 fundraising with Qatar, a London judge said.
John Varley, the former chief executive of the United Kingdom bank; Roger Jenkins, former executive chairman of investment banking and investment management in the Middle East and North Africa; Thomas Kalaris, who led Barclays Wealth and Investment Management; and Richard Boath, former European head of Barclays' financial institutions group, appeared for a hearing at Southwark Crown Court today.
The bank, Varley and Jenkins also face one charge of unlawful financial assistance.
Barclays raised about £12bn in two emergency fundraising in June and October 2008, mainly from Qatar investors, to avoid a government bailout during the height of the financial crisis.
If convicted the former executives could be facing lengthy jail terms as these offences can carry a maximum prison sentence of 10 years and a fine for the bank.
Kalaris, who appeared wearing a dark suit and yellow tie, used to lead the bank's wealth and investment management division, while Boath, who wore a dark suit and blue tie, was former head of the European financial institutions group at Barclays.
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