• Privacy policy
  • T&C’s
  • FAQ
  • Meet the Team
  • About The London Economic
  • Advertise
TLE ONLINE SHOP!
NEWSLETTER
SUPPORT THE LONDON ECONOMIC
  • TLE
  • News
  • Politics
  • Opinion
  • Business
  • Sport
  • Entertainment
  • Film
  • Food
  • Lifestyle
  • Property
  • Travel
  • Tech/Auto
No Result
View All Result
The London Economic
  • TLE
  • News
  • Politics
  • Opinion
  • Business
  • Sport
  • Entertainment
  • Film
  • Food
  • Lifestyle
  • Property
  • Travel
  • Tech/Auto
No Result
View All Result
The London Economic
No Result
View All Result
Home News Finance

Three Barclays bankers cleared of fraud over £4 billion crisis deal with Qatar

The jury of seven women and five men deliberated for around five-and-a-half hours following a five-month trial.

Joe Mellor by Joe Mellor
February 28, 2020
in Finance, News
Credit;PA

Credit;PA

Three former Barclays bosses have been cleared of fraud over a £4 billion investment deal with Qatar at the height of the banking crisis.

Scotsman Roger Jenkins, 64, was said to be Barclays’ “gatekeeper” to the wealthy Middle Eastern state, and in 2008 helped the bank with two large capital raisings to avoid a government bailout.

In June, Barclays secured £4.4 billion, with £1.9 billion invested by Qatar, followed by a second tranche in the autumn of £6.8 billion, of which £2.05 billion was from Qatar.

The Serious Fraud Office (SFO) alleged the lucrative terms given to Qatar, including an extra £322 million in fees, were hidden from the market and other investors through bogus advisory service agreements (ASAs).

Barclays court case
Former Barclays senior executive Thomas Kalaris (Victoria Jones/PA)

But multi-millionaire Jenkins was on Friday acquitted of fraud, alongside former colleagues Thomas Kalaris, 64, and Richard Boath, 61 at the Old Bailey.

The jury of seven women and five men deliberated for around five-and-a-half hours following a five-month trial.

At the time of the alleged fraud, each of the defendants held very senior positions at Barclays, jurors heard.

RelatedPosts

‘Thank you everyone’ – Man leaves church after years in sanctuary to avoid deportation

Reactions as Minister says face coverings in secondary schools won’t be compulsory

It’s your own fault you lost your job during pandemic, half of Brits reckon

The Guardian comment deserving of ‘a thousand upticks’

Jenkins was Barclays Capital (“BarCap”) executive chairman of investment banking and investment management in the Middle East and North Africa; Kalaris was Barclays’ wealth management CEO and Boath was Barclays Capital head of financial institutions group for Europe, Middle East and Africa.

Prosecutor Ed Brown QC told jurors: “They acted dishonestly in order to preserve the future of the bank and to preserve their own positions.”

Barclays court case
Senior Barclays executive Richard Boath (Victoria Jones/PA)

The defendants denied wrongdoing, with Bill Boyce QC, for Boath, describing the allegation as “preposterous”.

Mr Boyce told jurors: “The SFO have to prove that Roger Jenkins and Sheikh Hamad agreed a sham contract … this despite the fact that it was obvious to both sides that a long-term strategic relationship was in both their interests.”

Jenkins, of Malibu, California; Kalaris, of Thurloe Square, west London; and Boath, of Henley-on-Thames, were acquitted of conspiracy to commit fraud by false representation and fraud by false representation between May 1 2008 and August 31 2008.

Jenkins was also acquitted of two similar offences dated between September 1 2008 and November 30 2008.

Jurors were told that a fourth man, Christopher Lucas, had been found unfit to face trial due to illness.

Since you are here

Since you are here, we wanted to ask for your help.

Journalism in Britain is under threat. The government is becoming increasingly authoritarian and our media is run by a handful of billionaires, most of whom reside overseas and all of them have strong political allegiances and financial motivations.

Our mission is to hold the powerful to account. It is vital that free media is allowed to exist to expose hypocrisy, corruption, wrongdoing and abuse of power. But we can't do it without you.

If you can afford to contribute a small donation to the site it will help us to continue our work in the best interests of the public. We only ask you to donate what you can afford, with an option to cancel your subscription at any point.

To donate or subscribe to The London Economic, click here.

The TLE shop is also now open, with all profits going to supporting our work.

The shop can be found here.

You can also SUBSCRIBE TO OUR NEWSLETTER .

Support fearless, free, investigative journalism Support fearless, free, investigative journalism Support fearless, free, investigative journalism

Subscribe to our Newsletter

View our  Privacy Policy and Terms & Conditions

Trending fromTLE

  • All
  • trending

What If We Got Rid Of Prisons?

Stress, fear and homelessness: The threat looming over families confronted with eviction

File photo dated 07/11/03 of a prison cell.

The Other Prison Pandemic

Latest from TLE

Set For Life Results Thursday 25th February 2021

East London Liquor Company Canned Cocktails

These are the best canned cocktails money can buy

How To Make: Curry and Rice

How To Make: Curry and Rice

‘Humiliating for Boris Johnson’ as Union unit to be replaced with new committee

About Us

TheLondonEconomic.com – Open, accessible and accountable news, sport, culture and lifestyle.

Read more

Address

The London Economic Newspaper Limited t/a TLE
Company number 09221879
International House,
24 Holborn Viaduct,
London EC1A 2BN,
United Kingdom

Contact

Editorial enquiries, please contact: jack@thelondoneconomic.com

Commercial enquiries, please contact: advertise@thelondoneconomic.com

SUPPORT

We do not charge or put articles behind a paywall. If you can, please show your appreciation for our free content by donating whatever you think is fair to help keep TLE growing and support real, independent, investigative journalism.

DONATE & SUPPORT

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.




No Result
View All Result
  • Home
  • News
  • Politics
  • Opinion
  • Business
  • Sport
  • Entertainment
  • Film
  • Lifestyle
  • Food
  • Property
  • Travel
  • Tech & Auto
  • About The London Economic
  • Meet the Team
  • Privacy policy

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.