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.
-
Alamaliktistaad Magazines5 months ago
Al-ikitsaad, April 2024
-
Banking & Finance3 months ago
HAL Capital Wins 2024 Visa Everywhere Initiative in Oman
-
Banking & Finance4 months ago
Ahlibank Secures Three Awards At The New Age Banking Summit 2024
-
OER Magazines2 months ago
OER, July 24
-
OMAN Magazines3 months ago
OER, June 2024
-
Economy4 months ago
OIA Assets Increase by Over RO1B During 2023
-
Automotive3 months ago
Volvo Cars Mark Exciting Return to Oman as OMASCO Unveils All-New Showroom & Launches the Fully Electric EX30
-
Exclusive2 months ago
OERLive Leaderspeak: Hussain Al Maimani – Driving ICT Innovation and Empowering Oman’s Next Generation