Barclays and former executives set for January trial over Qatar fundraising charges

Barclays and former executives set for January trial over Qatar fundraising charges

Barclays and former executives set for January trial over Qatar fundraising charges

The outcome of the criminal trial of Barclays and four former executives is unlikely to be known until mid-2019, after a judge set the start date in a London court for January 2019 and said the trial was expected to last for four months.

They are the first senior bankers to face criminal charges in relation to events dating back to the banking crisis nearly a decade ago, when Barclays raised £11.8bn in emergency funds from a number of big investors, including Qatar. Barclays and the four men have been charged with failing to disclose payments made to the investors in 2008.

The bank, ex-group boss John Varley, 61, Roger Jenkins, 61, Thomas Kalaris, 61, and Richard Boath, 58, have all been charged with conspiracy to commit fraud over a June 2008 bid to raise capital.

The four former executives are the most senior bankers to be charged for events that occurred during the financial crisis.

Varley, who was chief executive between 2004 and 2011, Barclays and Jenkins also face a charge of unlawful financial assistance in relation to a US$3bn loan provided to the State of Qatar.

The charges relate to two fundraisings in 2008, totalling almost £12bn, which included investments from Qatar Holding and Challenger Universal.

The SFO's charges of conspiracy to commit fraud relate to commercial agreements between Barclays and Qatar.

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