Barclays bank charged with fraud

This 20 June 2017 Financial Times video from Britain says about itself:

Barclays, its former chief executive and three other ex-senior executives have been charged with fraud by UK authorities over side-deals struck with Qatar during emergency cash calls to stave off a government bailout during the 2008 financial crisis.

From daily The Morning Star in Britain:

Barclays charged with fraud over crash

Wednesday 21st June 2017

BARCLAYS and four of its former top bankers have been charged with fraud, the first criminal charges to be brought in Britain against a bank over financial crisis deals.

The Serious Fraud Office announced yesterday that it had brought charges of conspiracy to commit fraud against the bank itself and Roger Jenkins, Thomas Kalaris, Richard Boath and ex-chief executive John Varley.

It follows a five-year probe into the bank’s emergency fundraising from Qatari investors in 2008 as the group sought to avoid a government bailout during the banking crisis.

Qatari investors — the state-backed Qatar Holding and Challenger Universal — pumped £6.1 billion into Barclays in two fundraisings in 2008.

In November that year, Barclays agreed to issue a £2.4bn loan made available to the State of Qatar.

The Financial Conduct Authority (FCA) slapped a £50 million penalty on the bank in 2013 after finding it had failed to disclose arrangements and fees it paid to the Qatari investors.

The defendants and a bank representative will appear at Westminster magistrates’ court on July 3.

Will the Barclays fat cats be jailed; or will they just get a slap on the wrist, being ‘too big too jail‘?

Barclays Bank charged by Serious Fraud Office over Qatar loan. The SFO last year brought the same charges against parent company Barclays PLC: here. And here.

5 thoughts on “Barclays bank charged with fraud

  1. Pingback: British Big Business-wars revolving door | Dear Kitty. Some blog

  2. Pingback: British Barclays bank help Canadian anti-environment anti-First Nations pipeline | Dear Kitty. Some blog

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