Barclays hit with fraud charge over Qatar capital raising
On the naughty step
The UK’s Serious Fraud Office (SFO) has charged Barclays and four of its former workers with conspiracy to commit fraud over capital raising arrangements with Qatar Holding and Challenger Universal.
The charge also includes the provision of unlawful financial assistance contrary to the Companies Act 1985. The charges relate to events in June and October 2008, and a $3 billion loan facility made available to the State of Qatar acting through the Ministry of Economy and Finance in November 2008.
The four ex-workers at Barclays being charged are former chief executive John Varley; former senior investment banker Roger Jenkins; Thomas Kalaris, a former chief executive of its wealth division; and Richard Boath, the ex-European head of financial institutions.
Barclays says it is considering its position and “awaits further details of the charges from the SFO”.
The defendants will appear before Westminster Magistrates’ Court in London on 3 July 2017.
The best and worst of times
Barclays has been involved in other matters related to fraud. And both were very different.
Last month, it unveiled its new £10 million digital safety drive in the UK as it wants to increase the public’s awareness of financial fraud risks.
In 2016, three ex-Barclays workers were found guilty of manipulating the Libor interest rate between 2005 and 2007.
