Finance / Barclays and ex-top bankers in court over alleged side deals in financial crisis

Barclays and ex-top bankers in court over alleged side deals in financial crisis

Barclays, its former chief executive and three top bankers will appear in court over alleged side deals struck during emergency fundraising at the height of the financial crisis.

The bank, ex-chief executive 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 fundraising.

The case marks the first criminal charges to be brought in the UK against a bank and its former executives for activities during the financial crisis.

Boath, of Henley-On-Thames, Oxfordshire, Jenkins, of Malibu, California, Kalaris, of Thurloe Square, London and Varley, of Pembridge Villas, London will appear at Southwark Crown Court on Monday.

Barclays, Varley and Jenkins face the same charge relating to a second fundraising in October 2008, while they have also been charged with providing unlawful financial assistance.

Varley, who was chief executive between 2004 and 2011, headed the bank at the time of the fundraising, while Jenkins is also said to have played a key role in orchestrating the deal.

Kalaris used to lead the bank’s wealth and investment management division, while Boath was the former head of the European financial institutions group at Barclays.

The Serious Fraud Office said the charges relate to the bank’s emergency fundraising from Qatari investors as the group sought to avoid a government bailout amid the banking sector meltdown.


PA Wire

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