Former Barclays bosses cleared of fraud

A JURY took less than six hours to clear three former Barclays bosses of fraud after an investigation that started in 2012.

Roger Jenkins, 64, Thomas Kalaris, 64, and Richard Boath, 61, walked free from the Old Bailey after the latest failed Serious Fraud Office prosecution over a £4bn investment deal with Qatar at the height of the banking crisis.

Scotsman Jenkins was said to be Barclays’ “gatekeeper” to the wealthy Middle Eastern state and in 2008 helped the bank with two large capital raisings to avoid a government bailout.

At the height of the financial crisis, Barclays was desperate to not take cash from the Treasury and turned to private investors to stay on the right side of new rules on capital requirements.

In June, Barclays secured £4.4bn, with £1.9bn invested by Qatar, followed by a second tranche in the autumn of £6.8bn, of which £2.05bn was from Qatar.

The money helped the bank calm nerves in Westminster, allowing it to avoid the fate of the Royal Bank of Scotland, which is still owned by the Government.

The fraud office alleged the lucrative terms given to Qatar, including an extra £322m in fees, were hidden from the market and other investors through bogus advisory service agreements.

But multi-millionaire Jenkins, who was linked to a string of glamorous women including supermodel Elle MacPherson, was acquitted of fraud, alongside his former colleagues following a five-month trial.

The jury of seven women and five men deliberated for around five and a half hours.

Speaking outside court, Mr Boath said he felt very relieved at the verdicts.

He said: “I was very surprised they brought the case. Frankly it was a complete invention on the part of the fraud office and they should really never have brought it.”

The cost of the investigation, which began in August 2012, has yet to be disclosed.

Jenkins, of California; Kalaris, of west London, and Boath, of Henley-on-Thames, were acquitted of conspiracy to commit fraud between May 1 2008 and August 31 2008. Jenkins was acquitted of two other similar offences.