Bankers on trial Se­ri­ous Fraud Of­fice case to last for at least three months

The Sunday Telegraph - Money & Business - - Business -

Bram­son’s at­tempted board­room coup has emerged just as a high-pro­file trial of some of the bank’s for­mer se­nior ex­ec­u­tives, in­clud­ing ex-boss John Var­ley and in­vest­ment bank­ing chief Roger Jenk­ins, got un­der way.

The lon­gan­tic­i­pated case brought by the Se­ri­ous Fraud Of­fice (SFO) is set to leave Bar­clays with a gi­gan­tic le­gal bill, even though the case is not against Bar­clays it­self. The bank is un­der­stood to be foot­ing the lawyers’ fees for the four ex­ec­u­tives, who have some of the coun­try’s top bar­ris­ters be­hind them.

The cast of lawyers in­cludes Ni­cholas Pur­nell QC, who acted for Tesco’s ex-fi­nance boss dur­ing the SFO’S case against for­mer ex­ecs at the su­per­mar­ket last year, John Kelsey-fry QC, who has pre­vi­ously de­fended English foot­ball man­ager Harry Red­knapp, Ian Win­ter QC, who was also on the Tesco trial, and for­mer se­nior Trea­sury coun­sel Wil­liam Boyce QC.

The bill, which will in­clude fees from elite firms such as DLA Piper and Her­bert Smith Free­hills, is ex­pected to to­tal tens of mil­lions. The case should last for at least three months.

The four bankers face charges re­lated to the bank’s bailout at the hands of the Qatari state at the height of the fi­nan­cial cri­sis. Mr Var­ley and Mr Jenk­ins have been charged with con­spir­acy to com­mit fraud along with the for­mer boss of the bank’s wealth arm Tom Kalaris and Richard Boath, who used to run one of Bar­clays’ Euro­pean di­vi­sions.

The SFO lost an ap­peal to re­in­state charges against the bank last year.

Bar­clays still faces a civil case over the Qatari fundrais­ing, how­ever, as a case brought by fi­nancier Amanda Stave­ley is due to start later this year. She is seek­ing more than £700m from the bank over the £5.8bn fundrais­ing.

Newspapers in English

Newspapers from UK

© PressReader. All rights reserved.