Barclays charged with fraud in Qatar case
- Thread starter andysays
- Start date
Pickman's model
Starry Wisdom
No comment sure to be echoed by barclays and their former staff
andysays
Love and solidarity
not-bono-ever
meh
This is an interesting story - the SFO and regulators have been working on this for a long time. backhanders disguised as facilitation and advisory fees to secure the funding to stop the bank from being squeezed into nationalisation. Some saps will go down for this but the shadowy figures in the background - Staveley and various middle eastern funds and royalty are mired deep in this scam. The saps who will get done should have fucked off and retired when the sector collapsed in 2007/8- they are wealthy enough to have walked away and enjoyed the rest of their lives in luxury. Utter fools
Indeliblelink
\......👁&👁......./
The trial for this started today, could last up to six months though.
Trial of former Barclays bosses to start
FT link
Subscribe to read | Financial Times
Trial of former Barclays bosses to start
FT link
Subscribe to read | Financial Times
Pickman's model
Starry Wisdom
Here's the text for people who don't want to click on Indeliblelink's ft link
More than a decade after Barclays turned to Middle Eastern investors for rescue funds during the financial crisis, a jury in London will on Wednesday begin hearing the case against the bank’s former chief executive and three senior colleagues, who stand accused of defrauding the market. In what is the first jury trial in the world of a leading bank’s boss over actions taken during the 2008 crisis, a jury at Southwark Crown Court will hear the opening arguments of the Serious Fraud Office against John Varley, Barclays’ CEO until 2011, and three other defendants. Barclays itself had been charged with unlawful financial assistance by providing Qatar a $3bn loan just as the second fundraising of 2008 was closing. But the bank’s corporate charges were scrubbed in a blow to the SFO, which has spent specially ringfenced taxpayer money investigating the case. The four men face criminal charges of fraud by false representation brought by the SFO. It alleges that during two capital calls to raise a total of £11.8bn in 2008, side deals were struck with Qatar that were not properly disclosed to other investors or to the market, and which were a way of funnelling secret fees to the Qataris. The four deny the charges, which carry a maximum 10-year sentence, and the trial is scheduled to last for as long as six months. It has taken more than six years of investigation by the SFO to get to this point. Here are the key players among the accused, the lawyers and the witnesses:
John Varley FORMER BARCLAYS CHIEF EXECUTIVE Mr Varley, 62, spent most of his career at Barclays, which he joined in 1982 after training as a lawyer. An archetypal English gent, he married into the bank as his ex-wife Carolyn is the daughter of Sir Richard Thorn Pease — a member of an old Quaker banking family that became part of Barclays in 1902. He worked his way up to become chief executive in 2004 and left in early 2011. He faces two counts of fraud by misrepresentation.
Roger Jenkins FORMER HEAD OF BARCLAYS INVESTMENT BANK’S MIDDLE EAST BUSINESS Mr Jenkins, 63, was a dealmaker who negotiated the two capital calls in 2008 and who had contacts in the Middle East as the investment bank’s regional executive chairman. As a student sprinter, Mr Jenkins represented Scotland and Great Britain and he is now a resident of Malibu in California. He faces two counts over the June 2008 fundraising, when the bank raised £4.5bn, and also over a second cash call in October of that year, which raised a further £7.3bn from investors from Qatar and Abu Dhabi.
Tom Kalaris FORMER HEAD OF BARCLAYS’ WEALTH AND INVESTMENT MANAGEMENT UNIT American-born Mr Kalaris, 63, headed the bank’s wealth division and was the trusted lieutenant of Bob Diamond, Mr Varley’s eventual successor, at the time of the fundraisings. Mr Kalaris, a bond trader by training, stands accused of one count of fraud in relation to the June fundraising, when the bank turned to overseas investors, including from Qatar. Mr Kalaris, who left Barclays in 2013, is represented in court by Ian Winter QC.
Richard Boath FORMER EUROPEAN HEAD OF BARCLAYS INVESTMENT BANK’S FINANCIAL INSTITUTIONS GROUP Mr Boath, 60, the former European head of the investment bank’s financial institutions group, held the most junior role of the defendants at the time of the two fundraisings. Like Mr Kalaris, he faces only one count in relation to the June capital call, when the bank’s prospectus said it would pay £107m costs and expenses but pledged there were no other fees or commissions, according to the indictment. Mr Boath, who left the bank in 2016, has instructed Bill Boyce QC as his barrister.
Chris Lucas FORMER BARCLAYS CHIEF FINANCIAL OFFICER The former chief financial officer of Barclays, Mr Lucas is named as a co-conspirator of the defendants on the SFO’s indictment in relation to the arrangements with the Qataris around both capital raisings. Mr Lucas, who is suffering from ill health, has not been charged by the SFO.
Mr Justice Jay PRESIDING JUDGE IN THE CASE This is one of the most high-profile trials that Robert Jay has presided over since becoming a judge in 2013. He rose to prominence as a barrister when he was counsel to the Leveson inquiry into the phone-hacking scandal. Sir Robert is known for his expansive vocabulary — “condign”, “proleptic” and “nugatory” are all everyday words for him.
Nicholas Purnell QC REPRESENTING JOHN VARLEY Mr Varley’s barrister, Mr Purnell, is one of the country’s top silks — or Queen’s Counsels — with more than four decades of experience. Described by legal guide Chambers & Partners as “massively experienced and a force to be reckoned with” he has also won a number of cases against the SFO. He also defended Jeffrey Archer in his 2001 perjury trial.
John Kelsey-Fry QC REPRESENTING ROGER JENKINS Mr Kelsey-Fry has been described by legal guides as “highly charismatic and persuasive in front of juries”. His high-profile clients have included Harry Redknapp, the former Spurs manager, who was cleared by a jury of tax evasion and Chris Huhne, the former Liberal Democrat minister who was jailed in 2013.
Ed Brown LEAD PROSECUTOR One of the most senior silks in London, Mr Brown is the lead prosecutor on the case for the SFO. An expert on joint enterprise — the doctrine that allows more than one person to be charged with the same crime and is often applied in gang situations or where it is unclear who dealt a fatal blow — Mr Brown has successfully prosecuted gang members and child murderers.
Marcus Agius FORMER BARCLAYS CHAIRMAN; WITNESS FOR THE PROSECUTION © Bloomberg The chairman of Barclays in 2008, Mr Agius is a witness for the SFO. Mr Agius, 72, spent almost 30 years at investment bank Lazard, becoming chairman of its London branch before he took over as chairman of Barclays in 2007. He left in 2012. A keen gardener, he is a trustee of the Royal Botanic Gardens, Kew.
More than a decade after Barclays turned to Middle Eastern investors for rescue funds during the financial crisis, a jury in London will on Wednesday begin hearing the case against the bank’s former chief executive and three senior colleagues, who stand accused of defrauding the market. In what is the first jury trial in the world of a leading bank’s boss over actions taken during the 2008 crisis, a jury at Southwark Crown Court will hear the opening arguments of the Serious Fraud Office against John Varley, Barclays’ CEO until 2011, and three other defendants. Barclays itself had been charged with unlawful financial assistance by providing Qatar a $3bn loan just as the second fundraising of 2008 was closing. But the bank’s corporate charges were scrubbed in a blow to the SFO, which has spent specially ringfenced taxpayer money investigating the case. The four men face criminal charges of fraud by false representation brought by the SFO. It alleges that during two capital calls to raise a total of £11.8bn in 2008, side deals were struck with Qatar that were not properly disclosed to other investors or to the market, and which were a way of funnelling secret fees to the Qataris. The four deny the charges, which carry a maximum 10-year sentence, and the trial is scheduled to last for as long as six months. It has taken more than six years of investigation by the SFO to get to this point. Here are the key players among the accused, the lawyers and the witnesses:
John Varley FORMER BARCLAYS CHIEF EXECUTIVE Mr Varley, 62, spent most of his career at Barclays, which he joined in 1982 after training as a lawyer. An archetypal English gent, he married into the bank as his ex-wife Carolyn is the daughter of Sir Richard Thorn Pease — a member of an old Quaker banking family that became part of Barclays in 1902. He worked his way up to become chief executive in 2004 and left in early 2011. He faces two counts of fraud by misrepresentation.
Roger Jenkins FORMER HEAD OF BARCLAYS INVESTMENT BANK’S MIDDLE EAST BUSINESS Mr Jenkins, 63, was a dealmaker who negotiated the two capital calls in 2008 and who had contacts in the Middle East as the investment bank’s regional executive chairman. As a student sprinter, Mr Jenkins represented Scotland and Great Britain and he is now a resident of Malibu in California. He faces two counts over the June 2008 fundraising, when the bank raised £4.5bn, and also over a second cash call in October of that year, which raised a further £7.3bn from investors from Qatar and Abu Dhabi.
Tom Kalaris FORMER HEAD OF BARCLAYS’ WEALTH AND INVESTMENT MANAGEMENT UNIT American-born Mr Kalaris, 63, headed the bank’s wealth division and was the trusted lieutenant of Bob Diamond, Mr Varley’s eventual successor, at the time of the fundraisings. Mr Kalaris, a bond trader by training, stands accused of one count of fraud in relation to the June fundraising, when the bank turned to overseas investors, including from Qatar. Mr Kalaris, who left Barclays in 2013, is represented in court by Ian Winter QC.
Richard Boath FORMER EUROPEAN HEAD OF BARCLAYS INVESTMENT BANK’S FINANCIAL INSTITUTIONS GROUP Mr Boath, 60, the former European head of the investment bank’s financial institutions group, held the most junior role of the defendants at the time of the two fundraisings. Like Mr Kalaris, he faces only one count in relation to the June capital call, when the bank’s prospectus said it would pay £107m costs and expenses but pledged there were no other fees or commissions, according to the indictment. Mr Boath, who left the bank in 2016, has instructed Bill Boyce QC as his barrister.
Chris Lucas FORMER BARCLAYS CHIEF FINANCIAL OFFICER The former chief financial officer of Barclays, Mr Lucas is named as a co-conspirator of the defendants on the SFO’s indictment in relation to the arrangements with the Qataris around both capital raisings. Mr Lucas, who is suffering from ill health, has not been charged by the SFO.
Mr Justice Jay PRESIDING JUDGE IN THE CASE This is one of the most high-profile trials that Robert Jay has presided over since becoming a judge in 2013. He rose to prominence as a barrister when he was counsel to the Leveson inquiry into the phone-hacking scandal. Sir Robert is known for his expansive vocabulary — “condign”, “proleptic” and “nugatory” are all everyday words for him.
Nicholas Purnell QC REPRESENTING JOHN VARLEY Mr Varley’s barrister, Mr Purnell, is one of the country’s top silks — or Queen’s Counsels — with more than four decades of experience. Described by legal guide Chambers & Partners as “massively experienced and a force to be reckoned with” he has also won a number of cases against the SFO. He also defended Jeffrey Archer in his 2001 perjury trial.
John Kelsey-Fry QC REPRESENTING ROGER JENKINS Mr Kelsey-Fry has been described by legal guides as “highly charismatic and persuasive in front of juries”. His high-profile clients have included Harry Redknapp, the former Spurs manager, who was cleared by a jury of tax evasion and Chris Huhne, the former Liberal Democrat minister who was jailed in 2013.
Ed Brown LEAD PROSECUTOR One of the most senior silks in London, Mr Brown is the lead prosecutor on the case for the SFO. An expert on joint enterprise — the doctrine that allows more than one person to be charged with the same crime and is often applied in gang situations or where it is unclear who dealt a fatal blow — Mr Brown has successfully prosecuted gang members and child murderers.
Marcus Agius FORMER BARCLAYS CHAIRMAN; WITNESS FOR THE PROSECUTION © Bloomberg The chairman of Barclays in 2008, Mr Agius is a witness for the SFO. Mr Agius, 72, spent almost 30 years at investment bank Lazard, becoming chairman of its London branch before he took over as chairman of Barclays in 2007. He left in 2012. A keen gardener, he is a trustee of the Royal Botanic Gardens, Kew.
MrCurry
right after this urgent rest
Isn’t it ironic that a decade after the financial crisis, the only bankers to see the inside of a courtroom are those who found a way to avoid their bank having to take a massive injection of public money? The ones who nearly bankrupted the taxpayer are sitting pretty enjoying their early retirements, while the Barclays boys who took the Qatari riyals in preference to handing over control of their institution to UK plc, are looking down the barrel of 10+ years in prison.
I probably shouldn’t say the words “politically motivated” in connection with an ongoing court case, so I’ll leave you to draw your own conclusions.
I would speculate however, that in the aftermath of the 2008 crisis there was a decision taken on both sides of the Atlantic that the banks needed a higher degree of govt control, and a major British bank which remained fully independent (or worse, strongly influenced by rich arabs) might have been seen as a problem which needed to be remedied.
I probably shouldn’t say the words “politically motivated” in connection with an ongoing court case, so I’ll leave you to draw your own conclusions.
I would speculate however, that in the aftermath of the 2008 crisis there was a decision taken on both sides of the Atlantic that the banks needed a higher degree of govt control, and a major British bank which remained fully independent (or worse, strongly influenced by rich arabs) might have been seen as a problem which needed to be remedied.
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For sure there are some political considerations in this but something dodgy was probably going on.
The Barclays executives were last year being prosecuted by the Serious Fraud Office for allegedly lending money to the Qataris which was possibly then used to bail them out.
Barclays avoids trial over £6bn Qatar rescue package 26/10/18
GarveyLives
Well-Known Member
MrCurry
right after this urgent rest
What does that mean in practice? The case continues but the judge, rather than the jury will return the verdict? Presumably that is an advantage to the defendants, since in a complex trial juries can be a bit unpredictable.
Barclays has been charged with unlawfully providing Qatar a $3billion loan - what a huge dollar amount.
It has taken more than 6 years of investigations by SFO to get to this point - a long time.
Some of the charges carry up to a 10-year sentence - long time.
It is unfortunate they are accused of defrauding the market.
It will be interesting to see what the result of this case is.
It has taken more than 6 years of investigations by SFO to get to this point - a long time.
Some of the charges carry up to a 10-year sentence - long time.
It is unfortunate they are accused of defrauding the market.
It will be interesting to see what the result of this case is.
Saul Goodman
It's all good, man
Juries are unpredictable in any trial. Juries are made up of people who are either too stupid to get out of jury service, or too committed to locking someone up. How could they be anything but unpredictable?
Juries are, at best, a perfect example of why juries can't work.
No, I'm not going to provide an alternative.
MrCurry
right after this urgent rest
I’ve never done Jury service 
I do suppose, however, that most of them probably sit there day dreaming about minecraft all day, not understanding the evidence.
What would lead to a jury being dismissed? Has someone approached them offering bribe money I wonder?
I do suppose, however, that most of them probably sit there day dreaming about minecraft all day, not understanding the evidence.What would lead to a jury being dismissed? Has someone approached them offering bribe money I wonder?
Saul Goodman
It's all good, man
You'd be surprised. Juries tend to be very involved in the happenings. I think most of them consider themselves the next Petrocelli or Collumbo.I’ve never done Jury service
What would lead to a jury being dismissed? Has someone approached them offering bribe money I wonder?
I'm involved in a case right now where the jury had to be dismissed. It isn't something that happens lightly. I had to make it happen, but trust me, once a jury is sworn in, it's all but impossible to get a fresh jury, unless you have to be carried away in an ambulance and the trial can't progress in the allotted time.
mauvais
on reddit or something
A few possibilities (not exhaustive):
- Couldn't agree a verdict
- Misbehaviour, e.g. researching the case privately
- Something external prejudicing the case, e.g. a newspaper publishing something they shouldn't
butchersapron
Bring back hanging
Or 'I had to make it happen' of course .
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Saul Goodman
It's all good, man
I had to make it happen by getting carted off in an ambulance, you tedious little boy.
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GarveyLives
Well-Known Member
The matter had not yet been placed before the jury for decision, so the first possibility can be ruled out.
The second and third possibilities may be relevant - I believe that the trial was subject to certain reporting restrictions. We will only know what the subject matter of the 'legal arguments' was at the conclusion of the case (whatever the eventual outcome):
Source: Judge in Barclays-Qatar Criminal Fraud Trial Discharges Jury
GarveyLives
Well-Known Member
Unless I have missed something, no legal entity which forms part of the Barclays Group of companies currently faces any criminal charges.
The position prior to the commencement of the trial of John Varley, Roger Jenkins, Thomas Kalaris and Richard Boath is explained here.
I suspect that either there will be a retrial or the prosecution will offer no charges against the four remaining accused (at which point, all will be revealed).
GarveyLives
Well-Known Member
An insight into how the wheels of justice operated behind the scenes in this case ...
Bank of England warned prosecutors against charging Barclays over controversial Qatar payments
Bank of England warned prosecutors against charging Barclays over controversial Qatar payments
MrCurry
right after this urgent rest
So John Varley has been acquitted as the SFO case lacked evidence against him. What a surprise.
Former Barclays boss acquitted over Qatar deal
Seems that avoiding succumbing to government control of a private institution was not in fact a criminal offence, despite the “send in the dogs” approach used by the politicians to try to bring down JV and others. I still find it completely outrageous that this is the only prosecution of senior bank execs in connection with the financial crisis of 2009 and instead of bringing to book those who rode their banks off the side of cliffs, nearly bringing down the whole economy, it was those who had the temerity to sidestep government control who the system sought to bring down.
Former Barclays boss acquitted over Qatar deal
Seems that avoiding succumbing to government control of a private institution was not in fact a criminal offence, despite the “send in the dogs” approach used by the politicians to try to bring down JV and others. I still find it completely outrageous that this is the only prosecution of senior bank execs in connection with the financial crisis of 2009 and instead of bringing to book those who rode their banks off the side of cliffs, nearly bringing down the whole economy, it was those who had the temerity to sidestep government control who the system sought to bring down.
GarveyLives
Well-Known Member
GarveyLives
Well-Known Member
The retrial of three former Barclays executives has now commenced:
Former Barclays bankers 'lied to secure £322million secret funding from Qatar at the height of the financial crisis'
Former Barclays bankers 'lied to secure £322million secret funding from Qatar at the height of the financial crisis'
GarveyLives
Well-Known Member
Former Barclays boss branded 'wally' in fraud trial evidence
Varley - described by one of his senior executives as a 'wally' - was a co-defendant in a previous trial that came to a close in April when the jury was discharged.
Varley was acquitted.
Varley - described by one of his senior executives as a 'wally' - was a co-defendant in a previous trial that came to a close in April when the jury was discharged.
Varley was acquitted.
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