Finance

Barclays and four bank chiefs face fraud charges over 2008 crisis fundraising

Barclays and four bank chiefs face fraud charges over 2008 crisis fundraising

The charges, which come after a five year investigation, arise in the context of Barclays' capital raisings in June and November 2008, at the height of the financial crisis.

The other three charged are Barclays' former executive chairman of investment banking Roger Jenkins, the former chief executive of Barclays wealth and investment management Thomas Kalaris and former European head of financial institutions group Richard Boath.

All are to appear in court on 3 July.

Barclays, Varley and Jenkins have also been charged with conspiracy to commit fraud in the second fundraising, which was agreed in October 2008, as well as a third count of unlawful financial assistance.

Mr Varley was one of Britain's leading bankers, having been chief executive at Barclays for six years, and the charges against him will stun the City. The Barclays case will be particularly scrutinized as so far no top bank executives in the United Kingdom have been charged with crimes linked to their actions during the financial crisis.

Barclays says it is considering its position and awaiting further details.

Fakhar, Amir star as Pakistan rout India
Zaman was batting on four when he edged one to MS Dhoni before the umpires checked that bowler Jasprit Bumhrah had over stepped. But, one of the Pakistan fans managed to get under the skin of Indian speedster Mohammad Shami.

It added that the City watchdog, the Financial Conduct Authority (FCA), had reopened its investigation while U.S. authorities were continuing their own inquiries.

A spokesman for the Qatar Investment Authority declined to comment.

Barclays contested the fine and the challenge was put on hold while the SFO conducted its investigation, but that stay has been lifted.

The U.S Department of Justice and the Securities and Exchange Commission are also investigating the payments made to Middle Eastern officials.

In addition, the bank has been charged with one offence of "unlawful financial assistance in relation to a US$3bn loan provided to the State of Qatar".


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