Three former executives of Barclays have been cleared of fraud charges that alleged that they flouted rules while raising money from Qatar during the financial crunch.
The criminal case marked the first brought against senior officials over actions implemented during the meltdown. The charges carry a 10-year sentence.
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The executives – Roger Jenkins, Richard Boath, and Tom Kalaris – were accused of paying Qatar £322m in order to get emergency financial support during the crisis.
These payments were said to be hidden as advisory services agreements.
Backed by Qatar, Barclays was able to evade the taxpayer bailout in 2008.
Jenkins served as Barclays’ investment banking executive while Kalaris was its wealth management chief. Boath was European co-head of financial institutions.
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By GlobalData“For the last eight years, since these investigations began, I have lived under a cloud over my private and business life,” Jenkins stated.
He added: “As I repeatedly said, through my lawyers, everything we did to save the bank’s independence and to avoid burdening the public taxpayers, over the last ten years, was carefully reviewed by internal and external lawyers, the bank’s compliance team, and with full disclosure to the Board of Directors.”
Last year, ex-Barclays CEO – John Varley – was acquitted of charges over his role in the financial crunch.
The latest decision is a setback for the Serious Fraud Office (SFO), which spent more than seven years in the case and around £10m.
SFO spokesperson said: “Our prosecution decisions are always based on the evidence that is available, and we are determined to bring perpetrators of serious financial crime to justice.
“Wherever our evidential and public interest tests are met, we will always endeavour to bring this before a court.”
