Feb 28, 2020

The inside story of the Barclays trial

The acquittal of three former Barclays executives is the only time a jury has ruled on criminal allegations against senior bankers for events in the 2008 crisis. On 25 June 2008, Barclays announced it had raised £4.5bn. The investors were the Qatar Investment Authority, another Qatari investment fund called Challenger, Sumitomo Mitsui Banking Corporation of Japan, China Development Bank and Temasek, a sovereign wealth fund owned by the government of Singapore. Barclays' board of directors knew about the agreements and that they received advice from lawyers for the bank who had told them the agreements were legal - as long as the bank got valuable services from the Qataris. Neither the bank nor its directors were on trial. So the SFO argued the conspirators effectively got the bank to tell the lies, saying there were "No extra fees" without the bank knowing it was doing so.

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