Feb 20, 2019

Barclays ex-chairman ‘knew nothing’ of £280m Qatar deal

Marcus Agius, the former chairman of Barclays, knew nothing about a deal to pay Qatar £280m in fees for helping the bank raise £7.3bn at the height of the 2008 financial crisis, a London fraud case has heard. Mr Agius told a trial of four former Barclays executives including John Varley, the bank's former chief executive, that he did not see an advisory services agreement offering to pay Qatar the sum in October 2008. The Serious Fraud Office, which is prosecuting the case at Southwark Crown Court, alleges the men lied to the market about fees paid to Qatar over the course of two emergency fundraisings in June and October 2008, which enabled Barclays to avoid nationalisation. Mr Varley, together with Roger Jenkins, the former head of Middle East operations, Richard Boath, an ex-senior investment banker, and Tom Kalaris, former head of Barclays' wealth division, all deny wrongdoing. Mr Agius told the court he knew nothing of the second ASA in October 2008 and only found out about it in 2012.

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