A former Barclay’s chief executive along with three senior bank executives shunned a taxpayer rescue at the peak of a financial crisis by obtaining billions of pounds of secret financing from Qatar. This statement was made by a court head.
Ex-CEO John Varley, 62 and his former colleagues – Roger Jenkins (63), Tom Kalaris (63), and Richard Boath (60) – supposedly collected £11.8 billion in emergency fundraising in 2008 from Middle Eastern financers in order to bypass a UK government bailout.
Prosecutors asserted that the accused knowingly hid the substantial fees so that they don’t look weak and prompting a loss of confidence in the banks.
Lenders who donated money comprise of Qatar Holdings, which is an arm of the Gulf state’s sovereign wealth fund. Prosecutor Ed Brown QC announced that the setting of the case is the global financial crisis that the whole world faced in 2008. During 20028, there was a serious banking crisis in the UK, the US, as well as in many parts of the world.
Barclays which is an important UK based bank got entangled in the crisis. Hence, the Jury would be examining how the top leaders of the bank reacted to the pressure that was the result of the crisis.