The former Barclays executives face a rescue fraud process in Qatar


Roger Jenkins

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Roger Jenkins was president of investment banking in the Middle East

Three former Barclays executives are in court on Monday charged with fraud related to the way the bank raised billions of pounds from Qatar in 2008.

The Serious Fraud Office (SFO) case focuses on alleged undisclosed payments to Qatar in exchange for money that helped the bank during the financial crisis.

Roger Jenkins, Tom Kalaris and Richard Boath all deny that they made a mistake.

Former Barclays CEO John Varley, their co-defendant in a previous trial, was acquitted in June.

Last year, a criminal case against the same bank was also filed by a court. Varley and Barclays had both denied any wrongdoing.

Jenkins, 64, was the president of investment banking in the Middle East, while Kalaris, 63, was head of the wealth division and Boath, 60, led the European arm of corporate finance.

The trio is accused of conspiracy to commit fraud with false representations and fraud with false representations.

  • The former head of Barclays was expelled from the fraud charges

The case focuses on requests for secret payments to Qatar as part of an agreement to raise over £ 11 billion ($ 13.6 billion) from investors in two tranches in June and October 2008.

It is claimed that these multimillion-dollar payments to investors, including the then Gulf state prime minister, Sheikh Hamad bin Jassim bin Jabr al-Thani, were not disclosed to the markets.

The injection of money from Qatar helped Barclays avoid the fate of the government's rescue of rivals on the High Street, including the Royal Bank of Scotland.

The defendants were charged in 2017 after the SFO spent years investigating the allegations. The process is considered a case of great stakes for the OFS, which has been accused of not having pursued companies and individuals for their part in the financial crisis.

The charges against Mr. Jenkins regards his involvement in the Qatar fundraisers in June and October. The cases of the other two men concern only the fundraising of June.

Monday's Old Bailey trial will begin with jury selection and the case should last several months.


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