Banking & Finance
Ex-Barclays Executives Face New Charges in 2008 Qatar Fraud Case
(Bloomberg) — U.K. prosecutors added to the fraud indictment of three former Barclays executives who are to go on trial in connection with the bank’s fundraising from Qatar at the height of the 2008 financial crisis.
The Serious Fraud Office included charges of actual fraud to the existing counts of conspiracy to defraud against the men, according to a copy of the indictment released Thursday.
Former Middle East head Roger Jenkins now faces four charges, while ex-wealth boss Tom Kalaris and Richard Boath, the former European head of Barclays’s Financial Institutions division, each face two charges.
All three deny wrongdoing. A trial is scheduled for October.
Read: Abraaj Fined Record $315 Million by Dubai Financial Services Authority
The charges relate to a period when the bank was attempting to avoid nationalization, a fate imposed on two competitors as the financial crisis tore into balance sheets more than a decade ago.
Faced with narrowing capital reserves, Barclays executives turned to Qatar for 4 billion pounds ($4.9 billion) of bank-saving investments — part of more than 11 billion pounds in cash injections that year.
The SFO alleges that Barclays paid Qatar hundreds of millions of pounds as a sweetener to secure the investments and dismisses the bank’s claim that the payment was to cover services that Qatar was delivering.
If convicted, the men could face up to 10 years in jail.
-
Dossier1 month agoDossier, 2026
-
Banking & Finance1 month agoSohar International and Sohar Islamic Supports Over 100 Families in Al Wusta Governorate Through Its ‘Sohar Al Attaa’ Initiative
-
Banking & Finance1 month agoNational Finance Unveils Exclusive Ramadan Offers on Auto Financing
-
OER Magazines1 month agoOER, February 26
-
Economy1 month agoAnalysis: Oman-India CEPA Opens Path to Deeper Trade Investment and Growth
-
Economy1 month agoMiddle East Tensions Heighten Risks to Strait of Hormuz, Raising Uncertainty for Global Oil Markets
-
Economy1 month agoANALYSIS: Oil Near Seven-Month Highs Amid US, Iran Tensions
-
Economy1 month agoNew Regulations Issued for Buy Now, Pay Later Services in Oman

You must be logged in to post a comment Login