Feb 28, 2019
Barclays ex-chief: Qataris sought state assurance
The prime minister of Qatar sought assurances from the UK government that it was not about to nationalise Barclays before his country's sovereign wealth fund ploughed £2.1bn into the bank in October 2008, Barclays' former chief executive told fraud investigators. Sheikh Hamad sought assurances from the prime minister, Gordon Brown, that the Qatari investment in Barclays would not be forcibly diluted. "I believe Sheikh Hamad sought assurances from the prime minister, Gordon Brown, that the Qatari investment in Barclays would not be forcibly diluted by a mandatory British government investment," Mr Varley told investigators. He told investigators of the importance of an oil-and-gas hedging programme, known as Project Tinbac, which was expected to net Barclays $250m a year advising Qatar. While he received a £25m bonus for successfully securing the deals, Mr Jenkins stressed to SFO investigators that he was "Not responsible for the bank's decisions" and that "All material aspects of the advisory agreements were reviewed and approved" by Mr Varley and Chris Lucas, the chief financial officer at the time, the court heard.
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