Barclays and former executives set for January trial over Qatar fundraising charges

Patrice Gainsbourg
Julho 17, 2017

John Varley, the former boss of Barclays, will stand trial alongside three former colleagues and the bank itself in January 2019, Southwark crown court was told on Monday.

Former chief executive John Varley and three of his senior colleagues - Roger Jenkins, Tom Kalaris and Richard Boath - allegedly raised £11.8bn in emergency fundraising in 2008.

The defendants face a charge of conspiracy to commit fraud by false representation.

If convicted the former executives could be facing lengthy jail terms as these offences can carry a maximum prison sentence of 10 years and a fine for the bank.

The four former executives are the most senior bankers to be charged for events that occurred during the financial crisis. Boath and Kalaris each face one fraud count between May and August over the June capital raising.

Notable movements of Stock: JPMorgan Chase & Co. (JPM)
COPYRIGHT VIOLATION WARNING: This article was originally reported by Chaffey Breeze and is the sole property of of Chaffey Breeze. The firm owned 155,810 shares of the financial services provider's stock after buying an additional 293 shares during the period.

The charges relate to two fundraisings the bank organised in June and October 2008 through two investment vehicles connected to Qatar - Qatar Holding LLC and Challenger Universal Ltd.

Varley, Jenkins and the bank face a second like charge of fraud by false representation, between 1 September 2008 and 30 November 2008. It followed that up in October of the same year with a fresh £7bn capital raising.

Judge Mr Justice Edis set a date for the trial, which is expected to last up to four months, of January 9 2019.

Jenkins, who left the bank in 2009, was investment banking chief. Kalaris ran the bank's wealth management arm.

Kalaris, a dual US-UK citizen resident in London, and Jenkins, a British citizen resident in Malibu, California, are on £500,000 bail.

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