Ex-Barclays bankers appear in court

Cornelia Mascio
Luglio 3, 2017

Boath, of Henley-On-Thames, Oxfordshire, Jenkins, of Malibu, California, Kalaris, of Thurloe Square, London and Varley, of Pembridge Villas, London appeared before a courtroom packed with journalists, at Westminster Magistrates' Court on Monday.

The charges mark the first time that any United Kingdom bank or its former top executives have appeared in a criminal court to face charges relating to the way they behaved during the financial crash.

The bank, ex-chief executive John Varley, 61, Roger Jenkins, 61, Thomas Kalaris, 61, and Richard Boath, 58, have all been charged with conspiracy to commit fraud over a June 2008 fundraising.

The charges all relate to effort by the bank to raise billions of pounds of new capital during the financial crisis of 2008.

All were bailed to appear at the next hearing on 17 July.

The defendants did not enter any pleas.

The charges are the first in Britain against a bank and former executives for activities during the crisis.

It is also a test of the Serious Fraud Office, after Britain's ruling Conservative party in its election manifesto called for the prosecutor to be folded into the National Crime Agency.

At the heart of the case is the question of whether Barclays hid the true nature of the fundraising plan with Qatar from authorities and other shareholders. The bank raised £4.5bn in June that year and £7.3bn in October from investors including Qatar Holding and Challenger Universal.

Authorities have examined whether payments from Barclays to Qatar at the same time, such as around 322 million pounds in "advisory services agreements" (ASA), alongside the $3 billion loan, were honest and properly disclosed. It is unlawful, under the Companies Act 1985, for banks to lend money to themselves.

A lawyer who represents Lucas declined to comment.

Barclays Bank is also facing multiple charges.

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