Barclays and former executives set for January trial over Qatar fundraising charges

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Barclays PLC, the bank's former chief executive and three other former senior executives will go on trial in January 2019 for alleged fraud over a 2008 fundraising deal in Qatar, a crown court judge ruled on Monday.

The four former executives are the most senior bankers to be charged for events that occurred during the financial crisis.

That means the trial should end some 11 years after the United Kingdom bank's controversial fundraising with Qatari investors that is the subject of the case.

The case marks the first criminal charges to be brought in the United Kingdom against a bank and its former executives for activities during the financial crisis.

Barclays raised £4.5bn from investors including the Qatari royal family in June 2008. Boath and Kalaris each face one fraud count between May and August over the June capital raising. It followed that up in October of the same year with a fresh £7bn capital raising.

Varley, Jenkins and Barclays face a further charge of providing unlawful financial assistance through the loan.


Mr Justice Edis listed the trial for that date.

Jenkins, who left the bank in 2009, was investment banking chief.

The SFO's charges of conspiracy to commit fraud relate to commercial agreements between Barclays and Qatar.

Kalaris, a dual US-UK citizen resident in London, and Jenkins, a British citizen resident in Malibu, California, are on £500,000 bail.

Kalaris, a London-based USA citizen, ran the wealth management arm of Barclays.

Kalaris used to lead the bank's wealth and investment management division, while Boath was former head of the European financial institutions group at Barclays.

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