4 former Barclays bankers in court over deal with Qatar

Four former top Barclays executives appeared in court in London today to face charges that they conspired to commit fraud during the bank’s £12 billion ($15.56 billion) emergency fundraising in 2008.

Former Chief Executive John Varley along with Roger Jenkins, Tom Kalaris and Richard Boath were charged by Britain’s Serious Fraud Office last month in the first criminal prosecution for senior bankers’ actions during the financial crisis.

Barclays Plc was also charged with fraud and unlawful financial assistance.

Lawyers representing Jenkins and Boath said in June they would contest the charges, while those representing Varley and Kalaris declined to comment.

Read: $2.9bn increase in Qatar’s trade surplus

Barclays, which has previously said it is considering its position, declined to comment.

In a 60 minute hearing at Westminster Magistrates Court, the case was sent to Southwark Crown Court, with the next hearing scheduled for 17 July.

The defendants did not enter any pleas.

#QatarGate

The case centres on agreements between Barclays and Qatari investors during two fundraisings in June and October 2008.

Qatar Holding, part of the Qatar Investment Authority sovereign wealth fund, and Challenger, an investment vehicle of former Qatari Prime Minister Sheikh Hamad Bin Jassim Bin Jabr Al-Thani, invested around £5.3 billion ($6.87 billion) in Barclays.

Authorities have examined whether payments from Barclays to Qatar at the same time, such as around £322 million ($417.53 million) in “advisory services agreements” (ASA), alongside the $3 billion loan, were honest and properly disclosed.