Jul 6, 2020

Varley denies ‘deceiving’ Barclays board over Qatar deals

Former Barclays chief executive John Varley has denied to the High Court that he "Deceived" the bank's board over two £322m side deals struck with Qatar during the lender's £7.3bn cash call in 2008 that staved off UK government control. Mr Varley was cross examined on Monday about what the Barclays board knew about two advisory services agreements worth £322m, which Barclays signed with the Gulf state as it tapped the Qataris for £4bn in two fundraisings in June and October 2008. The bank says the side deals with Qatar were intended to extend its Middle Eastern business but PCP contends that the two ASAs were "Shams". In his evidence Mr Varley denied the ASAs were a "Sham" or "Disguised commission" and said: "If I'd misled the board I would have been out of a job within five minutes." Mr Varley said that the bank's board finance committee had seen a draft of the first ASA with Qatar on June 19 2008.

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