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