Barclays charged with fraud over Qatar

Barclays (LON:BARC) and four of its former executives have been charged with conspiracy to commit fraud and receiving unlawful financial assistances.

The charges, which date back to the financial crisis, have brought against the bank by the Serious Fraud Office (SFO) after a five-year investigation.

Among the high-profile Barclays individuals that have been charged are Mr Varley, former senior investment banker, Roger Jenkins, Thomas Kalaris, a former chief executive of Barclays’ wealth division, and Richard Boath, the ex-head of financial institutions in Europe.

The defendants are set to appear before Westminster Magistrates Court on July 3rd at 2pm to address the charges.

“The charges relate to Barclays Plc’s capital raising arrangements with Qatar Holding LLC and Challenger Universal Ltd, which took place in June and October 2008, and a $3bn loan facility made available to the State of Qatar acting through the Ministry of Economy and Finance in November 2008,” the SFO said.

In a bid to raise capital at the height of the financial crisis, Barclays took £7 billion from Qatar in 2008, which was was the source of the five-year investigation.

The charges will come as additional blow to the British bank, which is already under pressure from another controversy.

Current chief Executive Jes Staley is currently under investigation for violating rules on whistleblowers, which if found guilty, could result in being banned from financial services by the Financial Conduct Authority (FCA).

Earlier this month, the bank continued to divest in its operations in Africa, selling $2.83 billion worth of shares of its Barclays Africa Group, after more than 90 years in the region.

The sale would see the its stake in Barclays Africa minimised to roughly 15 percent, as it looks instead to strengthen its presence in the UK and US markets.

Shares in the bank are currently down 0.46 percent as of 8.48AM (GMT) on Tuesday morning.