Jan 25, 2019
Barclays executives discussed ‘dodgy’ fee for Qatar PM, jury told
The prime minister of Qatar demanded a personal fee for investing in Barclays during an emergency capital call in 2008, in addition to the extra commission paid by the bank to the Gulf state's sovereign wealth funds, a court has heard. Former Barclays senior executives arranging the fundraising as the financial crisis began to bite admitted that it was "Dodgy" and "Wrong" for a sitting prime minister to take a fee, a jury heard during the third day of a landmark fraud trial at London's Southwark Crown Court. The sheikh invested personally in Barclays alongside the sovereign wealth fund, and he wanted the same fee for doing so, the SFO said. Ultimately, the sheikh agreed to Barclays striking one ASA with Qatar Holding, where he was chairman, for a higher fee of £42m, the court heard. The jury heard how Mr Kalaris and Mr Boath were concerned about the appearance of the ASA. "There's obviously the jeopardy that we're rumbled and people say: well, that was bullshit, you know, this is just a fee in the backdoor," Mr Boath said.
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