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Barclays to face fraud charges, SFO announces

Posted on 21st June 2017

The Serious Fraud Office has charged Barclays and four of its former executives with conspiracy to commit fraud. The charges, which also include the provision of unlawful financial assistance, were announced today. They relate to fundraising arrangements by the bank during the financial crisis in 2008 when it raised billions of pounds from Qatar to stay afloat.

According to the SFO, the charges concern Barclays’s capital raising arrangements with sovereign wealth fund Qatar Holding LLC and Challenger Universal Ltd as well as a $3 billion (£2.3bn) loan facility made available to the State of Qatar acting through the Ministry of Economy and Finance in 2008.

Former chief executive John Varley is among the charged as well as senior executives Roger Jenkins, Thomas Kalaris and Richard Boath.

Barclays plc, Varley, Jenkins, Kalaris and Boath have been charged with conspiracy to commit fraud by false representation in relation to capital raising in June 2008.

In addition, Barclays, Varley and Jenkins have been charged with conspiracy to commit fraud by false representation in relation to capital raising in October 2008 as well as with unlawful financial assistance.

Jenkins, who is now based in the US, is being represented by Brad Kaufman, of international firm Greenberg Traurig.

Barclays said it is ‘considering its position’ in relation to the developments.

The defendants are scheduled to appear at Westminster Magistrates’ Court at on 3 July.

Raj Chada, Criminal Defence partner, comments…

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