A Barclays sign is seen on the exterior of the Barclays U.S. Corporate headquarters in the Manhattan borough of New York City, May 20, 2015. REUTERS/Mike Segar
CAIRO - 15 January 2019: Former senior Barclays managers pleaded not guilty to two counts of conspiracy to commit fraud by false representation at Southwark Crown Court on Monday. They are accused of raising a £6.1 billion bailout from Qatar during the 2008 financial crisis.
The defendants are former Barclays Plc. CEO John Varley; former Executive Chairman of Investment Banking and Investment Management for the Middle East and North Africa at Barclays Capital Roger Jenkins; former Chief Executive of Barclays Wealth and Investment Management Thomas Kalaris; and former European Head of Financial Institutions Group, Barclays Capital Richard Boath.
The timeline of the cases as indicated by The Serious Fraud Office (SFO) - a non-ministerial institution in charge of investigating complex fraud and corruption in the United Kingdom - is as following.
In June and October 2008, the illegal bailout in the value of £12 billion took place by Qatar Holdings LLC and Challenger Universal Ltd, respectively.
In November 2008, a £2.3 billion loan facility was provided by Barclays to the State of Qatar through its Ministry of Economy and Finance.
In August 2012, investigation by the SFO was announced.
On June 20, 2017, Barclays PLC and four individuals were charged “with conspiracy to commit fraud and the provision of unlawful financial assistance contrary to the Companies Act 1985.”
On February 12, 2018, “Barclays Bank Plc was also charged with unlawful financial assistance contrary to s151 (1) and (3) of the Companies Act 1985.”
On May 21, 2018, “the charges against Barclays Plc and Barclays Bank Plc were dismissed by the Crown Court.”
On July 23, 2018, the SFO appealed to the High Court to re-instate charges.
On October 26, 2018, the High Court rejected the SFO’s application after a series of hearings.
The trial of the four former Barclays bankers will last for four months. The goal of the deal was helping the bank avoid government bailout, and unlawfully fund acquisition of Barclays shares by Qatar.
As Bloomberg reported in October, Barclays stated that it was facing a civil lawsuit related to Qatar fundraising filed by PCP Capital Partners which provides investment banking and financial advisory services.