Former Barclays executives released on bail in fraud case

Alys Key
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A group of former Barclays executives have been released on bail in a case concerning allegations they conspired to commit fraud.

All four defendants have been released on bail, but former chairman of investment banking for the Middle East Roger Jenkins and ex-wealth chief Thomas Kalaris have been told to lodge £500,000 security.

Read more: Everything you need to know about the SFO's Barclays probe

Jenkins and Kalaris along with former chief executive John Varley and Richard Boath appeared at Westminster Magistrates Court this afternoon. They must now appear at Southwark Crown Court on 17 July to face the charges.

The case relates to the actions of Barclays after the financial crash of 2008. The bank raised £4.5bn in June that year and £7.3bn in October from investors including Qatar Holding and Challenger Universal.

Over the last five years, the Serious Fraud Office (SFO) has been investigating “advisory services agreements (ASA)” that were struck with Qatari investors in 2008, which resulted in payments of £322m to them. Barclays did not fully disclose the details of these ASAs.

Barclays then loaned the State of Qatar $3bn in November 2008. It is unlawful, under the Companies Act 1985, for banks to lend money to themselves.

Read more: SFO charges four former Barclays bankers including ex-CEO John Varley

The four men are charged with conspiracy to commit fraud by false representation in relation to a June 2008 capital raising.

In addition, Barclays, Varley and Jenkins are then accused of conspiracy to commit fraud by false representation in relation to an October 2008 capital raising. These three defendants are also charged with unlawful financial assistance.

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