Three former senior bankers at Barclays are set to appear in court charged with criminal offences over the bank’s relationship with Qatar during the 2008 financial crisis.
The charges – which follow a Serious Fraud Office (SFO) investigation that dates back to 2012 – relate to payments made by Barclays to Qatar, in return for cash that helped the bank stay solvent during the height of the crisis.
Roger Jenkins, Richard Boath, and Tom Kalaris are charged with conspiracy to commit fraud by false representation and fraud by false representation
They all deny the charges, which carry a 10 – year maximum sentence.
Mr Jenkins led Barclays’ Middle East investment banking division, while Mr Boath oversaw its corporate finance business and Mr Kalaris ran its wealth management department.
The trial in London will center on the allegations that secret payments were made to Qatar in return for £ 11. 8bn worth of investment that kept the bank afloat during the financial crisis, while its rivals – including the Royal Bank of Scotland – were bailed out by the UK government.
The SFO claims that £ 322 m in side deals with Qatari investors, which included the prime minister of the Gulf state at the time, Sheikh Hamad bin Jassim bin Jabr al-Thani, were not properly disclosed to the markets.
The case first went to trial in January 2019, with the addition of John Varley, the former chief executive of Barclays bank, who had also been named in the SFO investigation.
It was the first time that the CEO of a large bank faced a jury stemming from crimes committed during the financial crisis.
The trial judge ruled that the evidence against him on each count was insufficient for the case to proceed. That ruling was appealed by the prosecution.
On 21 June that appeal was dismissed by the Court of Appeal. As a result, Mr Varley was acquitted on both counts.
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