Barclays and former executives set for January trial over Qatar fundraising charges

Former Barclays executive Thomas Kalaris

Former Barclays executive Thomas Kalaris

The trial of Barclays (BARC.L) and four former top executives charged with fraud over undisclosed payments to Qatari investors as part of a 12 billion pound ($15 billion) emergency fundraising during the 2008 financial crisis has been set for January 9 2019, a judge said on Monday.

The bank, ex-group boss 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 bid to raise capital. All four of the former executives were present at Southwark Crown Court. They spoke to confirm their identities.

The defendants face a charge of conspiracy to commit fraud by false representation.

They are the first senior bankers to face criminal charges in relation to events dating back to the banking crisis nearly a decade ago, when Barclays raised £11.8bn in emergency funds from a number of big investors, including Qatar.

Barclays raised about £12bn in two emergency fundraising in June and October 2008, mainly from Qatar investors, to avoid a government bailout during the height of the financial crisis.

Kalaris, a dual US-UK citizen resident in London, and Jenkins, a British citizen resident in Malibu, California, are on £500,000 bail.

Varley, who appeared in court wearing a grey suit and green tie, was chief executive between 2004 and 2011. Kalaris ran the bank's wealth management arm.

Latest News