Four former Barclays executives appear in court over Qatari fundraising deal

Accused over fraud charges, former Barclays chief executive John Varley appeared in a London court on Monday.Four former Barclays bankers have appeared in court on Monday (3 July) where they face fraud charges.The four men are charged with conspiracy to commit fraud by false representation in relation to a June 2008 capital raising. It is the first time a boss of a global bank has faced charges arising from the 2008 financial crisis.Barclays world’s renowned bank and one of its PLC, in Qatar, and four other individuals, have been charged with fraud and the unlawful financial assistance contrary to the companies act 1985. They are next due to appear at Southwark Crown Court on July 17 at 9.30am.Kalaris used to lead the bank’s wealth and investment management division, while Boath was the former European head of financial institutions group at Barclays.Barclays, Varley and Jenkins were charged with another count in regard to the second round of financing, as well as a separate charge of providing unlawful financial assistance.Barclays undertook two cash calls in 2008, raising £4.5bn in June and a further £7.3bn in October from investors in Qatar, Abu Dhabi and elsewhere. The probe centered on two side agreements under which Barclays paid the Qatari investors 322 million pounds ($406 million) over five years, the bank disclosed in 2013.The senior district judge, Emma Arbuthnot, told Mr Jenkins, aged 61, and Mr Kalaris, also aged 61, to pay bail of £500,000 each, as Mr Jenkins lives in the United States and Mr Kalaris has dual nationality.Boath and Varley were released on unconditional bail.The British financier Amanda Staveley has separately sued Barclays over the capital raising, saying the bank improperly favored the Qataris in the deal and cost her firm almost $1 billion in potential profit.