24 Jan 2019
Four former Barclays (BARC.L) executives conspired to commit fraud by hiding 322 million pounds of payments to Qatar in return for cash injections in 2008, a prosecutor alleged at the opening of one of London’s most high-profile criminal trials.
Former chief executive John Varley and three former directors are the most senior bankers to be prosecuted in Britain over events during the financial crisis, when Barclays avoided a state bailout by raising more than 11 billion pounds from mainly Gulf investors in two cash calls.
Opening the case for the Serious Fraud Office prosecutor, senior lawyer Edward Brown alleged that the bank’s Advisory Service Agreements (ASAs), through which Qatar was paid 322 million pounds ($419.66 million) in 2008, were a “dishonest mechanism” to conceal extra fees from other investors and the wider market.
– By Kirstin Ridley, Lawrence White of Reuters, 23 January 2019.
Link to Reuters.
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