Main Menu

Varley among accused

Former Barclays executives face fraud charges

Former Barclays chief executive John Varley appeared before magistrates in Westminster this afternoon along with three other ex-executives of the bank.

Barclays and the former senior figures have been charged with fraud in relation to fund-raising activities surrounding the 2008 financial crisis.

The hearing followed an investigation led by the Serious Fraud Office into the way the bank raised billions of pounds from Qatari investors enabling it to avoid a government bailout.

The bank, together with Mr Varley, former Middle East investment banking chief Roger Jenkins, e-wealth boss Thomas Kalaris, (all 61), and former European head of the bank’s financial institutions group Richard Boath, 58, have been charged with conspiracy to commit fraud.

The case relates to £322 million in fees Barclays paid the Qatar Investment Authority and a loan facility it made available to the nation as part of side deals to the £12 billion fundraising from the Qataris and others.

Barclays, Mr Varley and Mr Jenkins face the same charge relating to a second fundraising in October 2008, while they have also been charged with providing unlawful financial assistance.

They are the most senior UK banking executives to face criminal action since the financial crisis.

All except Jenkins, who is based in Malibu, live in the UK. All were bailed to appear at the next hearing on 17 July at Southwark Crown Court, where the accused, along with their former employer Barclays are expected to enter a plea.




Leave a Reply

Your email address will not be published. Required fields are marked as *

This site uses Akismet to reduce spam. Learn how your comment data is processed.