Stave­ley be­came an ‘ir­ri­tant’ in Bar­clays fundrais­ing, court told

The Daily Telegraph - Business - - Business - Lucy Bur­ton By

FI­NANCIER Amanda Stave­ley has been ac­cused of be­com­ing an “ir­ri­tant” dur­ing Bar­clays’ 2008 fundrais­ing that is at the cen­tre of her £1.6bn le­gal bat­tle with the bank, with a wit­ness say­ing her view of her role in the deal was “fan­tasy”.

Bar­clays wit­ness David Forbes, who worked for Abu Dhabi fund the In­ter­na­tional Petroleum In­vest­ment Com­pany (IPIC) dur­ing the cri­sis-era deal, said Ms Stave­ley be­came an “ir­ri­tant” dur­ing the process and was re­peat­edly seek­ing me­dia pub­lic­ity for her­self in con­nec­tion to the cash call.

Mr Forbes added that her case, which ar­gued she was in con­trol of the Bar­clays’ in­vest­ment, was “fan­tasy”.

Ms Stave­ley is su­ing the bank over claims her firm PCP was treated un­fairly dur­ing the res­cue, when it rep­re­sented Abu Dhabi in­vestors whose money helped Bar­clays avoid a tax­payer bailout.

How­ever, Bar­clays has called in wit­nesses, in­clud­ing its for­mer chief ex­ec­u­tive John Var­ley and pre­vi­ous top banker Roger Jenk­ins, that have dis­missed her cre­den­tials.

“The more time that we spent with Ms Stave­ley the more we be­gan to build up a pic­ture of her as some­one who would con­fi­dently make as­ser­tions which proved to lack any real foun­da­tion or which she would later con­tra­dict with­out re­al­is­ing,” Mr Forbes said in his wit­ness state­ment. “My col­leagues and I were also get­ting fed up with Ms Stave­ley mak­ing prom­ises and not de­liv­er­ing.”

Ms Stave­ley’s client, Sheikh Man­sour bin Zayed Al Nahyan, be­came the bank’s largest share­holder af­ter con­tribut­ing £3.5bn to the res­cue deal.

Ear­lier in the trial it emerged in court that Mr Jenk­ins had re­peat­edly re­ferred to Ms Stave­ley as “the tart” while dis­cussing a cru­cial cash in­jec­tion into the bank with his col­league at the height of the fi­nan­cial cri­sis.

On the same call the pair also both re­ferred to her as “that dolly-bird” when try­ing to re­mem­ber her name. Mr Jenk­ins – who re­ceived a £50m exit pack­age when he left Bar­clays in 2009 – said: “I can han­dle dolly-birds”.

Mr Jenk­ins, who once dated model Elle Macpher­son, also ar­gued that she “had no qual­i­fi­ca­tions in fi­nance” and was a “com­plete un­known” in terms of big, com­pli­cated deals. He said be­fore the deal he knew lit­tle about her other than the fact she played a role in Sheikh Man­sour’s pur­chase of Manch­ester City Foot­ball Club and owned a “restau­rant by a race­course”, which was “how she had made con­nec­tions with Mid­dle East­ern in­di­vid­u­als”.

Ms Stave­ley, who once dated Prince An­drew, is separately over­see­ing a takeover of New­cas­tle United Foot­ball Club. The case con­tin­ues.

Amanda Stave­ley is su­ing Bar­clays for £1.6bn over claims her firm PCP was treated un­fairly dur­ing the res­cue

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