Fraud Trial to be Faced by Former Barclays Executives

Steven Zenios14/10/20192min
The three former Barclays executives face trial for fraud over money raised from Qatar in 2008.

The three former executives will soon face trial in a high-profile case as to how billions of pounds were obtained from investors in Qatari and averted taxpayer-funded bailout during 2008, the global financial crises.

The three men Roger Jenkins, Tom Kalaris, and Richard Both all deny wrongdoing. With a fourth former executive of Barclay’s, John Varley acquitted earlier this year in another trial.

The charge against the three is the conspiracy to commit fraud via false reputation and fraud by false reputation.

The case is founded on claims that secret payments were made to Qatar to investors and that investors even included then prime minister of the Gulf state, Sheikh Hamad bin Jassim bin Jabr al-Thani with payments not disclosed on the market to allow Barclays to raise more than  £11bn.

The case hangs on what information the bank gave the market in public documents, details such as the prospectuses and subscription agreements that outlined the fees and commissions that Barclays paid to investors.

The money raised saved Barclays from the fate of a government bailout that rivals such as the Royal Bank of Scotland experienced.

The trial is regarded as a high stakes case for the Serious Fraud Office, which has been accused of failing to pursue companies and individuals over their part in the financial crisis.

The trail is predicted to run into next year after which the three men will officially enter their pleas.

Barclays has also been in the news as one of the banks to adopt new climate policies.


Image Source by The Sun

Steven Zenios

Steven Zenios is a young author and designer with strong passion. A specialist in web design and development, blogger, author and Blockchain entrepreneur. He is the CEO of Web Theoria, a digital agency based in Cyprus. In the last 10 years, he has vastly improved his knowledge and skills to produce great pieces of work, both in the web design industry and article/blog industry. Contact Steven at +357-22029786 ext: 6120 or by email at [email protected] for editorial related questions.

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