Barclays charged with fraud over Qatar-backed rescue

‘British multinational bank Barclays and four former executives have been charged with conspiracy to commit fraud in the bank’s 2008 capital raising from Qatar.
The announcement by the Serious Fraud Office (SFO) marks the culmination of a five-year investigation into the emergency action Barclays took in 2008 to avoid a state bailout when Britain’s banking system was on the verge of collapse.
The case revolves around the £322 million ($410 million) in fees the British bank paid to Qatari investors for a loan as part of a wider £12 billion fundraising during the 2008 financial crisis. The Barclays deal with Qatar also included a $3 billion loan.
The SFO said Barclays former Chief Executive Officer John Varley, former chairman of investment banking for the Middle East Roger Jenkins, ex-deputy head of investment banking Richard Boath and ex-wealth chief Thomas Kalaris face charges along with the bank.’
Read more: Barclays charged with fraud over Qatar-backed rescue