Oct 9, 2019

Top Barclays executives 'hid £280m payment', court hears

Two top executives at Barclays Bank dishonestly hid a £280m payment to investors from Qatar, a court heard today. The Serious Fraud Office told the court that in the 2008 banking crisis Barclays needed to raise billions of pounds from private investors. Mr Jenkins, together with finance director Chris Lucas, were responsible for dishonestly hiding the extra payment by means of the agreement, the court heard. "The Qatari demand for investing had to be satisfied. The real fees for investing were not disclosed and once again, the instrument of fraud, an advisory services agreement was produced," said prosecutor Ed Brown QC. "Despite the fact that it committed Barclays to pay more than a quarter of a million pounds, the letter was only a little longer than a single sheet of paper", the jury heard. Today was the second day of a retrial of three top Barclays executives - the only criminal trial in the UK of senior bank executives since the 2008 crash.

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