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Barclays 2008 Qatar fundraising trial set for 2019

Monday, July 17, 2017 - 01:35

The trial of Barclays and four former top executives charged with fraud over undisclosed payments to Qatari investors as part of a 12 billion pound ($15 billion) emergency fundraising during the 2008 financial crisis has been set for January 2019. Ciara Lee reports

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BROADCAST AND DIGITAL RESTRICTIONS~** BBC - BROADCASTERS: NO ACCESS UK, NO USE AFTER AUGUST 17, 2017 DIGITAL: NO ACCESS UK-FOCUSED PUBLISHERS, NO USE AFTER AUGUST 17, 2017 ON ALL PLATFORMS) Back in court and not for the last time. In the hearing lasting less than an hour, the trial of Barclays and four of its former top executives charged with fraud has been set for January 2019. The charges relate to undisclosed payments to Qatari investors as part of an emergency fundraising during the 2008 financial crisis. The Serious Fraud Office last month charged Barclays Plc, John Varley, Roger Jenkins, Tom Kalaris and Richard Boath with conspiracy to commit fraud by false representation when they negotiated a capital injection for the bank from Qatar. SOUNDBITE (English) JAMES BEVAN, CHIEF INVESTMENT OFFICER, CCLA "I do think the case still has potential to cause damage in so far as at the moment the SFO focus is on the holding company rather than the operating company. And I would fully anticipate that the bank can say look this is historic business we will pay the fine whatever that might be and we will move on. And indeed in terms of ongoing business activity that would be wholly true. If however the investigation switches to the operating company, that may then lead to a reduction in capacity or opportunities to do business particularly in the US, and that would become extremely damaging." The bank, Varley and Jenkins also face one charge of unlawful financial assistance. Barclays raised around 12 billion pounds in two emergency fundraisings in 2008. The money - coming mainly from wealthy Gulf investors - helped the bank avoid being nationalised at the height of the credit crisis.

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Barclays 2008 Qatar fundraising trial set for 2019

Monday, July 17, 2017 - 01:35