Barclays And Former CEO Charged With Fraud Over Qatar Deal.
British Serious Fraud Office charged Barclays bank and four former executives, with conspiracy to commit fraud when they raised billions of pounds at the height of the financial crisis in 2008.
The bank, former Barclay’s chief executive John Varley, former investment banking chief Roger Jenkins, Thomas Kalaris, who headed the bank’s wealth management division, and Roger Boath, head of the European financial institutions group, were all charged with conspiracy to commit fraud by false representation and unlawful financial assistance over its arrangements with investors in Qatar in June 2008.
The bank, Varley and Jenkins are also charged with conspiracy to commit fraud by false representation in relation to the fundraising that took place in October 2008. They also face a further charge of providing unlawful financial assistance through the loan.
Barclays turned to Qatar to bolster its finances and avoid a government bailout at the height of the financial crisis.
Barclays responded that it “awaits further details of the charges from the SFO.”
In early trading, the bank shares fell 0.3 percent in the London Stock Exchange.