Jun 20, 2017

Barclays and former executives charged with crisis-era fraud

Barclays, its former chief executive and three other ex-senior executives have been charged by UK authorities with fraud related to the emergency cash infusions that saved the bank at the height of the 2008 financial crisis. The SFO charged Barclays on Tuesday with three counts of conspiracy to defraud, false representation and unlawful financial assistance over its arrangements with Qatari investors who ploughed a total of £6.1bn into Barclays in June and October 2008. During the period of the two investments, bank executives promised to pay Qatari investors a total of £322m for helping Barclays develop business in the Gulf. "The charges arise in the context of Barclays' capital raisings in June and November 2008. Barclays awaits further details of the charges from the SFO. The SFO has informed Barclays that it has not made a decision as to whether it will also bring charges against Barclays Bank PLC in respect of the loan." Barclays, Mr Varley and Mr Jenkins were charged with three counts each of conspiracy to commit fraud by false representation in relation to both the June and October cash calls, plus unlawful financial assistance.

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