Britain charges Barclays, ex-bosses over ‘unlawful’ Qatari deal


LONDON Barclays (BARC.L) and 4 former tip executives have been criminally charged over undisclosed payments to Qatari investors during a 12 billion bruise ($15 billion) puncture fundraising in 2008.


Britain’s Serious Fraud Office (SFO) pronounced on Tuesday it was charging Barclays with swindling to dedicate rascal and wrong financial assistance, creation it a initial bank to face rapist charges over actions taken during a financial crisis.

Barclays pronounced it was deliberation a position and available serve information about a charges, that follow a five-year SFO exploration into how it avoided a predestine of Lloyds (LLOY.L) and RBS (RBS.L) by staving off a state bailout.

The SFO also charged former tip Barclays executives John Varley, Roger Jenkins, Thomas Kalaris and Richard Boath after questioning a two-part fundraising that enclosed a $3 billion Barclays loan to a rich Gulf state.

A counsel for Jenkins pronounced he would “vigorously defend” himself opposite a charges, adding his customer had perceived both inner and outmost authorised recommendation during a time.

A orator for Boath declined to comment. A counsel representing Varley declined to criticism and a counsel for Kalaris could not immediately be reached for comment.

The group are a many comparison bankers to be charged in Britain for purported crimes during a financial predicament and face jail sentences of adult to 10 years if found guilty.

Barclays, a initial bank to be prosecuted given David Green took over as conduct of a SFO in 2012, could be fined.

There was no claim of indiscretion opposite Qatar, that is a vital financier in Britain.

CHARGED

Varley, a bank’s former Chief Executive, Jenkins, a former taxation advisory boss, Kalaris, a ex CEO of Barclays’ resources multiplication and Boath, former European conduct of financial institutions, have been charged with swindling to dedicate rascal by fake illustration during a Jun 2008 collateral raising.

Varley and Jenkins have also been charged with swindling to dedicate rascal by fake illustration in propinquity to a second collateral lifting in Oct 2008 and Varley and Jenkins face another assign of wrong financial assistance, a SFO said.

The SFO’s review centered on blurb agreements between Barclays and Qatari investors during dual puncture account raisings in Jun and Oct during a tallness of a credit crisis.

Qatar Holding, partial of a Qatar Investment Authority emperor resources fund, and Challenger, an investment car of former Qatari primary apportion Sheikh Hamad bin Jassim bin Jabr al-Thani, invested around 5.3 billion pounds in Barclays.

Authorities have examined either payments from Barclays to Qatar during a same time, such as around 322 million pounds in “advisory services agreements” (ASA), alongside a multi-billion dollar loan, were honest and scrupulously disclosed.

Qatar, meanwhile, has done a healthy distinction from a investment and stays Barclays’ biggest shareholder, with a interest of around 6 percent, according to Thomson Reuters data. The Gulf state has not been indicted of wrongdoing.

Barclays shares were trade 0.7 percent reduce during 205.45 pence by 0745 GMT, opposite a prosaic STOXX European bank index .SX7P.

(Reporting by Kirstin Ridley and Lawrence White, additional stating by Andrew MacAskill and Tom Finn in Qatar, modifying by Susan Fenton and Alexander Smith)


Do you have an unusual story to tell? E-mail stories@tutuz.com