Call us now: 020 7930 5100
Out of hours: 07789 622 430
Need advice? Call us now 020 7930 5100Out of hours 07789 622 430
royal courts banner

Barclays Bank Plc and Former Bankers Face Serious Fraud Charges

Four former bankers from Barclays have made their initial appearance in court after being charged with conspiracy to commit fraud and the provision of unlawful financial assistance contrary to the Companies Act 1985.

The charges were brought against the four men and also Barclays Plc itself by the Serious Fraud Office (SFO) on 20th June. They relate to activities that took place in June and October 2008 when Barclays Plc apparently entered into capital raising arrangements with Qatar Holding LLC and Challenger Universal Ltd. They also relate to a US$3 billion loan facility made available to the State of Qatar acting through the Ministry of Economy and Finance in November 2008.

In particular, the charges brought by the SFO include:

  • Conspiracy to commit fraud by false representation in relation to the June 2008 capital raising, contrary to s1 and s2 of the Fraud Act 2006 and s1(1) of the Criminal Law Act 1977. This charge is against Barclays Plc, John Varley (former CEO of Barclays Plc), Roger Jenkins (former Executive Chairman of Investment Banking and Investment Management in the Middle East and North Africa, Barclays Capital), Thomas Kalaris (former Chief Executive of Barclays Wealth and Investment Management) and Richard Boath (former European Head of Financial Institutions Group).
  • Barclays Plc, John Varley and Roger Jenkins have also been charged with conspiracy to commit fraud by false representation in relation to the October 2008 capital raising, contrary to s1 and s2 of the Fraud Act 2006 and s1(1) of the Criminal Law Act 1977, and with unlawful financial assistance contrary to s151 of the Companies Act 1985.

The bankers were in court on 3rd July for a preliminary hearing and will appear again on 17th July, when it is expected they will all enter not guilty pleas, reports the BBC.

These developments are significant in the banking sector, because they are the first time senior banking executives have been brought to a criminal court to defend actions they took during the time of the banking crisis. It will be interesting to see whether further actions follow.

Contact Janes Solicitors - Expert Serious Fraud Lawyers London

Janes Solicitors provides bespoke specialist advice on all areas of serious and complex fraud, regulatory, taxation and serious financial crime matters. If you or your business have concerns, are under suspicion or investigation or have been arrested or prosecuted for any serious fraud or financial crime offence, contact us today on 020 7930 5100 or via our online contact form.

The Informed Juror
Successful Article 3 Extradition Challenge by Jane...

For expert legal advice and representation, call Janes Solicitors today 020 7930 5100 or complete our online enquiry form and one of our lawyers will be in touch as soon as possible.

We are there when you need us. Available seven days a week, you can call us on our out-of-hours service number on 07789 622 430.

Latest Tweets

Janes Solicitors
Gareth and Kate - it was an exhilarating wedding in a beautiful venue!
Janes Solicitors
Congratulations to Gareth Hall on his marriage to the beautiful Kate
Need advice? Call us now 020 7930 5100
Get the best defence Contact us