In a financial scandal, three former executives of Barclays will have to appear in the court with regards to charges linked with fraud. The case centers on how the bank raised billions of pounds from Qatar in 2008. The Serious Fraud Office (SFO) will examine the case based on undisclosed payments to Qatar in return for cash which allegedly helped the bank during its financial crisis. Secret payments to Qatar in order to raise more than £11bn ($13.6bn) from investors in June and October 2008 is the main highlight of the case. All the three accused, former executives of Barclays however deny wrongdoing. According to reports, the trio is charged with conspiracy to commit fraud through false representation. Previously, the bank’s former chief executive John Varley was acquitted in June. Sources also suggest, the SFO’s criminal proceedings with relation to the bank were also withdrawn by court last year. The trio was charged in 2017 after SFO’s thorough investigations for years. Roger Jenkins was then the chairman of investment banking in the Middle East, is accused for fundraisings in June as well as October, whereas the other two, Tom Kalaris and Richard Boath are accused for June fundraising. Sources allege, the cash supply from Qatar helped Barclays in ignoring government bailout fate from High Street rivals, including Royal Bank of Scotland. On Monday, the trial is known to commence with jury selection and the case is expected to last over several months.
Tags : Qatar rescue, Fraud, John Varley, Tom Kalaris, Richard Boath, Roger Jenkins, Royal Bank of Scotland, Barclays, Serious Fraud Office,