UK regulators charge Barclays over Qatar deal

Business 6/20/2017, 11:12 AM
UK regulators charge Barclays over Qatar deal

The Serious Fraud Office charged Barclays Plc and its four former executives with conspiracy to commit fraud when they sought investment from Qatar in 2008 in an attempt to avoid a bailout during the financial crisis. Another item in the process is for unlawful financial assistance.

In a statement, the British agency revealed it decided to charge the bank itself, former chief executive John Varley and earlier investment banking head Roger Jenkins. The remaining two individuals are Thomas Kalaris, who was leading the wealth and investment management division, and Roger Boat, former European head of the lender's financial institutions group. The banking giant and its former top officials are charged over capital raising arrangements with the Middle Eastern emirate, worth several billion pounds, and a $3 billion loan facility made available to Qatar's Ministry of Economy and Finance.

The funding came from national wealth fund Qatar Holding Llc and Challenger Universal Ltd, controlled by Sheikh Hamad bin Jassim bin Jabr al-Thani, who was prime minister at the time. Barclays said it is considering its position and awaiting further details. The criminal charges are the first so far against any bank or top executives in the sector over events during the 2008 crisis, which devastated the financial system.

TeleTrader Newsroom / KP




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