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Barclays charged for fraud with Qatar dealings

barclays

London, June 20: Barclays bank and its four former executives have been charged during the 2008 global financial crisis for committing fraud in its capital raising arrangements with Qatar.

When financial sector was crashing, serious Fraud Office had for years been investigating the British bank, its former CEO John Varley and three former executives for their roles in fundraising efforts with Qatari investment entities.

In a statement, the SFO said: “The charges relate to Barclays Plc’s capital raising arrangements with Qatar Holding LLC and Challenger Universal Ltd, and a $3 billion loan facility made available to Qatar acting through the Ministry of Economy and Finance in November 2008.”

On July 3, Varley, Roger Jenkins, Thomas Kalaris and Richard Boath have to appear before Westminster Magistrates’ Court in London.

All of them will charge for false representation in relation to the bank’s capital raising in June 2008.

Barclays, Varley, and Jenkins, will face a second charge of conspiracy to commit fraud in October 2008.

This is the first ever charge on former most senior executives of banking entity in the UK.

Wefornews Bureau

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