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Barclays and former CEO John Varley charged with fraud over 2008 Qatar rescue

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Barclays and former CEO John Varley charged with fraud over 2008 Qatar rescue – Jun. 20, 2017
Banks fined billions over forex rigging

British prosecutors have filed criminal charges against Barclays and four former bank executives over investments from Qatar that helped save the bank during the financial crisis.

The bank and its former executives have been charged by the U.K.’s Serious Fraud Office with conspiracy to commit fraud by false representation over a June 2008 investment made by Qatar’s sovereign wealth fund.

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The executives charged include former CEO John Varley and Roger Jenkins, Barclays’ former head of investment banking in the Middle East. The pair also face a second conspiracy to commit fraud charge over an October 2008 deal with a group of Qatari investors.

Barclays (BCS) said it “awaits further details” of the charges. Shares in the bank declined 0.4% in early trade.

A spokesman for the Qatar Investment Authority declined to comment.

The defendants will appear in court on July 3.

CNNMoney (London) First published June 20, 2017: 4:01 AM ET



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