Barclays and former executives set for January trial over Qatar fundraising charges

Ivan Schwartz
July 17, 2017

John Varley, the former chief executive of the United Kingdom bank; Roger Jenkins, former executive chairman of investment banking and investment management in the Middle East and North Africa; Thomas Kalaris, who led Barclays Wealth and Investment Management; and Richard Boath, former European head of Barclays' financial institutions group, appeared for a hearing at Southwark Crown Court today.

Barclays and four former executives are set for a criminal trial in January 2019 over their Qatar fundraising charges.

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.

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Boath, of Henley-On-Thames, Oxfordshire, Jenkins, of Malibu, California, Kalaris, of Thurloe Square, Kensington, west London, and Varley, of Pembridge Villas, Notting Hill, west London, appeared at Southwark Crown Court on Monday.

The defendants face a charge of conspiracy to commit fraud by false representation. Those fundraisings helped Barclays avoid a taxpayer bailout and subsequent restrictions on its business. Varley, Jenkins and the bank are also charged with conspiracy to commit fraud by false representation in relation to the fundraising that took place in October 2008. Barclays paid £322m in "advisory services agreements" to the Qatari investors, but didn't fully disclose the terms. Varley, Jenkins and the bank face a further charge of providing unlawful financial assistance through the loan.

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