The trial of four former Barclays executives, on allegations they conspired to commit fraud over the bank’s 2008 fundraising with Qatar, will begin in January 2019.
Former Barclays CEO John Varley, Roger Jenkins, Thomas Kalaris and Richard Boath have indicated that they will plead not guilty.
Barclays, Varley and Jenkins each face two counts of conspiracy to commit fraud by false representation and one count of unlawful financial assistance. Boath and Kalaris each face one fraud count.
They are the most senior UK banking executives to face criminal charges since the financial crisis. The Serious Fraud Office (SFO) charges relate to £322M in fees Barclays paid the Qatar Investment Authority and a $3bn loan it made available as part the £12 billion fundraising arrangement with Qatar.
While the full details will be disclosed in the trial, the prosecution’s damage to Barclays’ reputation should be a wake-up call to any financial institution regarding the need to ensure all activities are above suspicion.
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