Source: occrp.org, 18 July 2017
“Barclays Bank and four of its ex-directors will stand trial for the fraudulent fundraising of £11.8 billion (US$ 21.9 billion) from Qatar in the wake of the financial crash, a London Crown Court heard Monday.
After a five-year investigation, the Serious Fraud Office (SFO) last month charged Barclays, its former CEO John Varley and three other ex-chiefs – Roger Jenkins, Tom Kalaris and Richard Boath – with conspiracy to commit fraud by false representation.
Barclays has been facing a string of controversies in recent years. In December, the US sued the bank for a mortgage fraud scheme. In May 2015, it was fined £1.53 billion (US$ 2.35 billion) for rigging the foreign exchange market. And this May, chief executive Jes Staley was forced to apologize after attempting to unmask a whistleblower.
“Taking on Barclays, one of the largest banks in the world, and its most senior officials who literally were at the very top, sends a very strong message that the SFO is now fearless in terms of the companies and individuals it pursues,” Sarah Wallace from the regulatory and investigations wing of law firm Irwin Mitchell told the Guardian.”