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The jury was acquitted at the end of the trial of four senior Barclays executives accused of fraud for alleged payments in Qatar at the height of the 2008 financial crisis.
John Varley, Barclays' CEO during the crisis, and three other ex-bankers have been tried in London's Southwark Supreme Court since January for secretly paying £ 322 million to Qatar for an investment. Several billion pounds sterling in two emergency fund calls, which allowed the bank to escape a bailout from the British government in 2008.
The case was opened by the Serious Fraud Office about the bank's dealings with Qatar in 2008 at the height of the financial crisis. This is the first board trial of a major bank concerning the measures taken during the financial crisis. He was supervised by Judge Jay at the Southwark Public Court.
In addition to Mr. Varley, the accused are all senior Barclays executives. Along with Mr. Varley, Roger Jenkins, the rainmaker who negotiated the two 2008 capital increases was charged with double counting fraud. Tom Kalaris, who was a trusted lieutenant in Barclays' investment banking unit, and Richard Boath, a senior banker, face a fraud chief. The four men all deny having acted wrongly. False statement fraud charges carry a maximum penalty of 10 years.
The case is based on what the bankers said at the market when Barclays twice turned to Middle East investors in 2008 as part of urgent cash calls from the bank. worth £ 11.8 billion at the height of the financial crisis. Qatari investors invested a total of £ 6.1 billion in Barclays during the two capital increases.
SFO says bankers have instigated Qataris to invest in parallel deals worth more than £ 300 million, which have not been fully disclosed to the market or to others. investors.
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