Trial of former Barclays bankers set for January 2019

Frederick Owens
July 17, 2017

Barclays bank and four of its former senior executives will not be tried until January 2019 for fraud related to raising billions of pounds from Qatar during the financial crisis.

Varley is charged along with Roger Jenkins, Tom Kalaris and Richard Boath over the way the bank raised billions of pounds from Qatar in 2008.

Barclays, Varley, and Jenkins each face two counts of conspiracy to commit fraud by false representation and one count of unlawful financial assistance between May and November 2008 in relation to the British lender's June and October fundraising efforts.

If convicted the former executives could be facing lengthy jail terms as these offences can carry a maximum prison sentence of 10 years and a fine for the bank.

The four men sat alongside each other in the dock at Southwark crown court in London for their first appearance since the high-profile case was transferred there from Westminster magistrates' court this month.

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The charges relate to two fundraisings in 2008, totalling almost £12bn, which included investments from Qatar Holding and Challenger Universal. It followed that up in October of the same year with a fresh £7bn capital raising.

None of the defendants were arraigned today (mon) and will not be asked to enter their pleas until sometime next year.

Mr Justice Edis listed the trial for that date.

He is now based in Malibu, California.

Varley, who appeared in court wearing a grey suit and green tie, was chief executive between 2004 and 2011. Kalaris ran the bank's wealth management arm.

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