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Home Money UK Fraud Office charges Barclays over Qatar fund-raising

UK Fraud Office charges Barclays over Qatar fund-raising

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UK Fraud Office charges Barclays over Qatar fund-raising


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UK Fraud Office charges Barclays over Qatar fund-raising

Barclays turned to Qatar to bolster its finances and avoid a government bailout at the height of the financial crisis.

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LONDON — Britain’s Serious Fraud Office has charged Barclays Plc and four former executives with conspiracy to commit fraud when they sought investment from Qatar in 2008.

The bank, former chief executive John Varley, former investment banking chief Roger Jenkins, Thomas Kalaris, who headed the bank’s wealth management division, and Roger Boath, head of the European financial institutions group, were all charged with conspiracy to commit fraud by false representation in relation to a first round of investment in June 2008.

Barclays, Varley and Jenkins were charged with another count in regard to a second capital raising in October 2008. Barclays, Varley and Jenkins were also charged with providing unlawful financial assistance.

Barclays turned to Qatar to bolster its finances and avoid a government bailout at the height of the financial crisis.

Barclays responded that it “awaits further details of the charges from the SFO.”

Barclays shares were down 0.3 percent in early trading on the London Stock Exchange.

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