Oct 11, 2019
Barclays made ‘dodgy’ deal with Qatar, court hears
Senior Barclays executives warned each other it was "Dodgy" to pay the Prime Minister of Qatar millions for "Advisory services", a court has heard. Rather than paying all investors the same, higher amount, the court heard, Barclays arranged to pay the Qatari investors an "Additional fee" of 1.75% - or £35m - for 'advisory services'. Roger Jenkins negotiated the deal in close consultation with Bob Diamond, then deputy chief executive, according to transcripts of phone calls read out in court. Only after the deal was struck did they realise that it might be wrong to retain the Prime Minister of Qatar as an adviser to Barclays. Following the call with Mr Jenkins, Richard Boath spoke to Barclays lawyers Judith Shepherd and Matthew Dobson who advised him the Qataris had to provide "Valuable services" in exchange for the Barclays' money.
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