SFO Charges Barclays and Former Bosses Over 2008 Qatar Fundraising

Bank, ex-CEO and three colleagues charged with conspiracy to commit fraud and unlawful financial assistance.

The Serious Fraud Office has charged Barclays, its former chief executive and three other former top executives with conspiracy to commit fraud and the provision of unlawful financial assistance.

This is the first time any bankers have faced charges for events dating to the crisis. The SFO charged former Barclays chief executive John Varley and three former colleagues – Roger Jenkins, Thomas Kalaris and Richard Boath.

The announcement follows a five-year investigation into the events surrounding the £11.8bn emergency fundraisings conducted by Barclays during the height of the 2008 financial crisis, when it raised billions of pounds from Qatar.

The SFO said the charges related to this and a US$3bn (£2.3bn) loan facility made available to Qatar acting through the ministry of economy and finance in November 2008.

The decision has been postponed on a number of occasions, initially to the end of March, then the end of May and then to mid-June.

The four are charged, along with the bank, with conspiracy to commit fraud by false representation in relation to a fundraising in June 2008. Varley and Jenkins and the bank are charged with conspiracy to commit fraud by false representation in relation to the fundraising that took place four months later, in October 2008.

Varley and Jenkins and the bank are charged with providing unlawful financial assistance.

Barclays said it was considering its position in relation to these developments and awaiting further details of the charges.

They are scheduled to appear at Westminster magistrates court on 3 July.

Written by , The Guardian.

Author: Dylan Jones

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