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Former Barclays execs plead not guilty to fraud as trial starts

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Former Barclays execs plead not guilty to fraud as trial starts

Four ex-Barclays executives, including former chief executive John Varley and wealth boss Tom Kalaris, appeared in court yesterday to plead not guilty to committing fraud by false representation in relation to the bank’s Qatari fund raising in 2008.

More than a decade on since the credit crunch, Varley became the most high profile banker to appear in court since the crisis following a five-year investigation by the Serious Fraud Office (SFO).

Varley and former Middle East boss Roger Jenkins face two charges of committing fraud by false representation, which is alleged to have occured during the bank’s June and October 2008 capital-raisings, while Kalaris and Richard Booth, who led Barclays’ corporate finance arm, both face one count of the same charge.

The charges relate to how Barclays communicated the raising of £6.1 billion from Qatari backers in 2008, as the bank looked to avoid a government bailout. The SFO alleges that inducements of around £300 million were paid as sweeteners in the deal.

The trial, being held at Southwark Crown Court, could take up to six months.

 

 

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