Barclays fraud trial over 2008 financial crisis fundraising deals set for 2019

Barclays fraud trial over 2008 financial crisis fundraising deals set for 2019

Four former Barclays plc executives will stand trial in January 2019 on allegations they conspired to commit fraud over the bank's 2008 fundraising with Qatar, a London judge said.

Varley, 61, of Notting Hill, Roger Jenkins, 61, of Malibu in California, Thomas Kalaris, 61, of Kensington and Richard Boath, 58, of Henley-on-Thames in Oxfordshire, were charged last month with conspiracy to commit fraud over a June 2008 bid to raise billions of pounds in capital.

The four former executives appeared at Southwark Crown Court for a trial preparation hearing today (Mon).

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

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

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One was used by the then-Qatari prime minister, Sheikh Hamad bin Jassim bin Jaber al-Thani, and a $3bn (£2.3bn) loan advanced to Qatar in November 2008.

Boath and Kalaris each face one fraud count between May and August over the June capital raising.

In a court hearing in London today, Judge Andrew Edis set the date of the trial for the case, which marks the first criminal charges to be brought in the United Kingdom against a bank for activities during the credit crunch.

Mr Justice Edis listed the trial for that date.

Kalaris, a London-based USA citizen, ran the wealth management arm of Barclays.

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