Ex-Barclays chiefs face court over rescue deal

THE former chief executive of Barclays appeared in court yesterday accused of striking corrupt deals at the height of the financial crisis.

John Varley is accused of overseeing illegal payments to secure emergency funding from Qatar to avoid a government bailout amid a banking sector meltdown.

Varley, 61, was joined by three senior colleagues, Roger Jenkins, 61, Thomas Kalaris, 61, and Richard Boath, 58.

The men are all charged with conspiracy to commit fraud over a scheme to raise cash for the bank in June 2008.

The lender itself, Varley and Jenkins face the same charge relating to a second fundraising in October 2008, and providing unlawful financial assistance.

In total, £346m in payments are alleged to have been made to secure almost £12bn in emergency funds.

Barclays and the executives are accused of failing to properly disclose these payments to its shareholders.

The four defendants were bailed to appear before Southwark Crown Court later this month.

Varley and Jenkins face up to 22 years in jail if found guilty on all counts.