Jul 3, 2017
Former Barclays executives in dock to face criminal charges
Four former Barclays executives including its ex-chief executive John Varley appeared in the dock on Monday to face criminal charges emanating from the bank's efforts to avoid a taxpayer rescue in the financial crisis. Mr Varley, who was chief executive at the time of the financial crisis and three former colleagues including Roger Jenkins, the former head of the bank's Middle East operations, faced allegations at Westminster magistrates' court relating to Barclays' capital raising at the height of the crisis in 2008. Mr Varley is the first global bank chief executive to face criminal charges stemming from the financial crisis and this was the first court appearance for the four men since the Serious Fraud Office brought charges last month. Edward Brown QC, prosecutor acting for the SFO, set out a summary of the charges facing the individuals and the bank relating to the 2008 capital raising. The bank was not represented in the dock but was represented in the courtroom by barrister Richard Lissack QC. The Barclays prosecution is one of the most high profile cases ever to be brought by the SFO. Mr Varley and Mr Jenkins face two counts of conspiracy to commit fraud by false representation over two emergency cash calls when Qatar invested £6.3bn to keep the bank out of UK government control.
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