Jul 2, 2020

Varley’s evidence ‘not true’, High Court told

John Varley, former chief executive of Barclays, was accused in the High Court on Thursday of giving "Not true" evidence to the financial regulator about 2008 capital raisings involving Qatar. Joe Smouha QC, barrister for PCP, put to Mr Varley that he had given evidence that was "Not true" when he told the regulator in interviews that there was "No linkage" between the ASAs and the capital raising. Mr Smouha put to him that this was "Completely different" to his evidence to the High Court, where Mr Varley has testified that the advisory agreements were "Not legally connected" to the cash calls but were "Commercially connected" and negotiated "Concurrently." Mr Varley insisted his evidence in both instances was true and said the two ASAs were "Free standing agreements" to win new business in the Middle East with "No inter conditionality" to the capital raising. He told the High Court on Thursday that Sheikh Hamad bin Jassim bin Jaber al-Thani, the then prime minister of Qatar, had sought reassurances from Gordon Brown, then UK prime minister, in 2008 that Qatar's existing shareholding in Barclays would not be diluted if the UK Treasury took a stake in the bank.

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