For­mer Bar­clays bosses to face fraud trial

The Sunday Telegraph - Money & Business - - Front page - By Jack Tor­rance

EX-BAR­CLAYS boss John Var­ley and three for­mer col­leagues will stand trial this week, be­com­ing the first se­nior bank ex­ec­u­tives to be dragged be­fore Bri­tish courts in re­la­tion to con­duct dur­ing the fi­nan­cial cri­sis.

Mr Var­ley has been charged with con­spir­acy to com­mit fraud along with Roger Jenk­ins, the bank’s one-time Mid­dle Eastern chair­man, Tom Kalaris, the for­mer boss of the bank’s wealth arm, and Richard Boath, who used to run one of Bar­clays’ Euro­pean di­vi­sions.

The charges re­late to deals with Qatari in­vestors to se­cure £12bn of emer­gency fund­ing in 2008 that helped the 300-year-old bank to weather the cri­sis. Mr Var­ley and Mr Jenk­ins also face a charge of un­law­ful fi­nan­cial as­sis­tance. The trial is seen as an im­por­tant test for the Se­ri­ous Fraud Of­fice, which had sep­a­rate charges re­lat­ing to the Bar­clays deals thrown out of court last year. Lawyers for Mr Boath and Mr Kalaris de­clined to com­ment when asked by Reuters, while le­gal rep­re­sen­ta­tives for the other de­fen­dants did not re­spond.

When charges were filed in June 2017, a lawyer for Mr Jenk­ins said he would vig­or­ously de­fend him­self and Mr Boath said he had no case to answer. Qatar has not been ac­cused of wrong­do­ing.

John Var­ley, the ex-boss of Bar­clays, and three for­mer col­leagues, are to stand trial this week charged with con­spir­acy to com­mit fraud over £12bn of emer­gency fund­ing in 2008

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