Feb 28, 2020

Former Barclays executives cleared of fraud charges

Three former top Barclays executives have been cleared of fraud charges linked to how the bank raised billions from Qatar in the financial crisis. The Serious Fraud Office had alleged the bank had given Qatar secret fees that helped it to survive without a UK government bailout in 2008. The acquittal of the three men is a blow to the SFO, and draws a line under an ambitious, seven-and-a-half year investigation that led to the first criminal charges in Britain against senior financiers at a major bank over credit crisis-era conduct. The three former senior bankers were accused by the SFO of committing a fraud in the midst of the crisis - charges they have spent more than a year on trial denying. Roger Jenkins, Tom Kalaris and Richard Boath, all senior executives but not top bosses of Barclays at the time, helped to arrange a £12bn investment by sovereign wealth funds, including the Gulf state of Qatar.

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