Former Barclays execs face charges over Qatari loan

Written by Oliver Wade

Four of Barclays’ most senior bankers will appear in court today on charges in relation to a loan the bank received from Qatar at the peak of the financial crisis.

Former Barclays chief executive John Varley is due to stand trial alongside former senior executives Roger Jenkins, Tom Kalaris and Richard Boath over funding from Qatari investors that allowed the bank to survive the financial crisis and forego the bailout that hit Royal Bank of Scotland (RBS).

All four former executives are charged with conspiracy to commit fraud. Varley and Jenkins also face a separate charge of unlawful financial assistance, the practice by which companies lend money to fund the purchase of their own stock.

The case relates to a £12bn rescue package provided by investors including Qatari Holdings in 2008 and Challenger Universal, which represents the financial interests of sheikh Hamad Bin Jassim Bin Jabr Al-Thani and his family.

Furthermore, it is also associated with a subsequent £2.3bn loan to state-owned Qatar Holdings, which the Serious Fraud Office (SFO) has argued could amount to unlawful financial assistance. However, Qatar has not been accused of any wrongdoing.

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