Domingo, 20 Agosto, 2017

UK Fraud Office charges Barclays over Qatar fund-raising

Malita Javier | 20 Junio, 2017, 10:50

Former chief executive Varley, Jenkins, a former senior investment banker, Kalaris, a former CEO of Barclays' wealth division and Boath, ex European head of financial institutions, have been charged with conspiracy to commit fraud by false representation during a June 2008 capital raising.

The SFO charged former Barclays chief executive John Varley and three former colleagues - Roger Jenkins, Thomas Kalaris and Richard Boath. It's the first time a bank or its executives have faced criminal charges for events that took place during the 2008 financial crisis.

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Instead of going to the Government in 2008, as banks fought to secure their balance sheets against the credit crunch, Barclays sought a $3bn loan facility from the Qatari Government, as well as raising capital through two companies, Qatar Holding LLC and Challenger Universal Ltd.

In a highly anticipated announcement, the Serious Fraud Office (SFO) said on Tuesday it was charging the bank with conspiracy to commit fraud by false representation and unlawful financial assistance.

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Barclays and four individuals, including former boss John Varley, have been charged with conspiracy to commit fraud relating to the bank's emergency fundraising during the financial crisis.

Barclays said it awaits further details of the charges from the SFO, which has also informed the bank that it has not made a decision as to whether it will also bring charges against it in respect of the loan.

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The defendants will appear at Westminster Magistrates' Court on July 3.

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