Barclays fraud trial over 2008 financial crisis fundraising deals set for 2019

Cornelia Mascio
Luglio 17, 2017

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. All four of the former executives were present at Southwark Crown Court.

That means the trial should end some 11 years after the United Kingdom bank's controversial fundraising with Qatari investors that is the subject of the case.

Qatar invested about £4bn in Barclays in the June and October 2008 cashcalls, which raised a total of about £12bn.

They are the first senior bankers to face criminal charges in relation to events dating back to the banking crisis nearly a decade ago, when Barclays raised £11.8bn in emergency funds from a number of big investors, including Qatar.

Varley, Jenkins, Kalaris, all 61, and Boath, 58, are charged with one count of fraud by false representation, between 1 May 2008 and 31 August 2008.

Varley, Jenkins and the bank face a second like charge of fraud by false representation, between 1 September 2008 and 30 November 2008. It followed that up in October of the same year with a fresh £7bn capital raising.

Jenkins, who left the bank in 2009, was investment banking chief.

He is now based in Malibu, California.

The U.K.'s Serious Fraud Office, which is bringing the case, charged the bank, John Varley - chief executive from 2004 to the end. Kalaris ran the bank's wealth management arm.

Barclays said previously that the United States justice department and Securities and Exchange Commission is also investigating these agreements, and that the Financial Conduct Authority had investigated.

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