Former Barclays bosses to face fraud trial
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