Prosecutors add fraud charges to former Barclays executives accused in Qatar case
LONDON: Three former top Barclays executives due to stand trial over the bank’s deals with Qatari investors during the financial crisis are to face additional fraud charges.
Bloomberg reported that the UK’s Serious Fraud Office has included charges of actual fraud to the existing counts of conspiracy to defraud against the men, according to a copy of the indictment released Thursday.
Roger Jenkins, the former Middle East chief, faces four charges. Tom Kalaris, who led the bank’s wealth division, and Richard Boath, the former head of Europe, will face two charges.
The men, who will go on trial in October, all deny the charges.
The charges stem from the 2008 financial crisis when Barclays was looking for cash injections to avoid being nationalized.
The bank turned to Qatar for £4 billion of investments, but the Serious Fraud Office alleges that Barclays did not properly disclose to the market £322 million worth of side deals with Qatari investors.
These included Qatar’s then prime minister Sheikh Hamad bin Jassim bin Jabr Al-Thani.
The man face up to 10 years in prison if convicted.
