Four charged including former CEOs in Barclays Qatar fraud case
The Serious Fraud Office has today charged Barclays Plc and four individuals with conspiracy to commit fraud and the provision of unlawful financial assistance contrary to the Companies Act 1985.
The charges relate to Barclays Plc’s capital raising arrangements with Qatar Holding LLC and Challenger Universal Ltd, which took place in June and October 2008, and a US$3bn loan facility made available to the State of Qatar acting through the Ministry of Economy and Finance in November 2008, the SFO said in a statement announcing its decision.
John Varley, the former chief executive of Barclays Plc is among as series of former top level management at Barclays that have been charged.
Also charged are; Roger Jenkins, the former executive chairman of Investment Banking and Investment Management in the Middle East and North Africa, Barclays Capital; Thomas Kalaris, the former chief executive of Barclays Wealth and Investment Management (a division of Barclays Plc) and Richard Boath, the former European head of Financial Institutions Group.
The SFO said that it has brought the following charges:
- Conspiracy to commit fraud by false representation in relation to the June 2008 capital raising, contrary to s1 and s2 of the Fraud Act 2006 and s1(1) of the Criminal Law Act 1977 – Barclays Plc, John Varley, Roger Jenkins, Thomas Kalaris and Richard Boath.
- Conspiracy to commit fraud by false representation in relation to the October 2008 capital raising, contrary to s1 and s2 of the Fraud Act 2006 and s1(1) of the Criminal Law Act 1977 – Barclays Plc, John Varley and Roger Jenkins.
- Unlawful financial assistance contrary to s151 of the Companies Act 1985 – Barclays Plc, John Varley and Roger Jenkins.
The defendants will appear before Westminster Magistrates’ Court on 3 July.
The SFO originally announced the opening of its investigation in August 2012.
The UK’s financial watchdog, the FCA also issued a statement that read: “We are pleased that this matter, which led to the stay of our own case, is now in the public domain.
“We welcome a fair and transparent hearing on the basis of the charges set out today by the SFO. We work closely with the SFO across a range of matters, in pursuit of our distinct objectives. ”