The UK Serious Fraud Office – SFO charges Barclays over Qatar fraud conspiracy along with four individuals. What do we know so far?
20 June, AtoZForex – Today, the UK Serious Fraud Office (SFO) has informed the public that it has charged Barclays was along with four individuals with conspiracy to commit fraud. Moreover, the charges are related to the conspiracy to provide the illegal financial assistance. Both the actions are considered to violate the Companies Act of 1985.
SFO charges Barclays over Qatar fraud conspiracy
As the SFO reports, the following four individuals were charged in relation to the Barclays case;
John Silvester Varley (61). British, of London, is the former Chief Executive Officer of Barclays Plc.
Roger Allan Jenkins (61). British, of Malibu, California, is the former Executive Chairman of Investment Banking and Investment Management in the Middle East and North Africa, Barclays Capital.
Thomas Llewellyn Kalaris (61). American, of London, is the former Chief Executive of Barclays Wealth and Investment Management (a division of Barclays Plc).
Richard William Boath (58). British, of London, is the former European Head of Financial Institutions Group.
Moreover, the official press release from the SFO mentions that the investigation of this case takes its roots back in 2012.
What are the charges?
The authority is noting that the charges relate to the Barclays Plc’s capital raising arrangements with Qatar Holding LLC and Challenger Universal Ltd. The arrangements took place in June and October 2008. In addition, the charges relate to the $3 billion loan facility provision for the State of Qatar through the Ministry of Economy and Finance in November 2008. Specifically, the SFO outlined the following charges:
- Conspiracy to commit fraud by false representation in relation to the June 2008 capital raising.This is contrary to s1 and s2 of the Fraud Act 2006 and s1(1) of the Criminal Law Act 1977;
- Conspiracy to commit fraud by false representation in relation to the October 2008 capital raising. This is contrary to s1 and s2 of the Fraud Act 2006 and s1(1) of the Criminal Law Act 1977;
- Unlawful financial assistance. This is contrary to s151 of the Companies Act 1985.
As a matter of fact, Qatar Holdings has invested in Barclays in the period between June and October 2008. That time, the world was experiencing the financial crisis. The SFO stated that the defendants will appear before Westminster Magistrates’ Court at 14.00 pm on 3 July 2017.
FCA statement after SFO charges Barclays over Qatar fraud conspiracy
As SFO charges Barclays over Qatar fraud conspiracy, the UK Financial Conduct Authority (FCA) issued a statement:
“We are pleased that this matter, which led to the stay of our own case, is now in the public domain. We welcome a fair and transparent hearing on the basis of the charges set out today by the SFO. FCA works closely with the SFO across a range of matters, in pursuit of our distinct objectives.”
We will update you as once the official information will be available to us. Stay tuned!
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