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Jun
2017
Wednesday 21st
posted by Morning Star in Britain

BARCLAYS and four of its former top bankers have been charged with fraud, the first criminal charges to be brought in Britain against a bank over financial-crisis deals.

The Serious Fraud Office announced yesterday that it had brought charges of conspiracy to commit fraud against the bank itself and Roger Jenkins, Thomas Kalaris, Richard Boath and ex-chief executive John Varley.

It follows a five-year probe into the bank’s emergency fundraising from Qatari investors in 2008 as the group sought to avoid a government bailout during the banking crisis.

Qatari investors — the state-backed Qatar Holding and Challenger Universal — pumped £6.1 billion into Barclays in two fundraisings in 2008.

In November that year, Barclays agreed to issue a £2.4bn loan made available to the State of Qatar.

The Financial Conduct Authority (FCA) slapped a £50 million penalty on the bank in 2013 after finding it had failed to disclose arrangements and fees it paid to the Qatari investors.

The defendants and a bank representative will appear at Westminster magistrates’ court on July 3.




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