UK Serious Fraud Office out with a statement 20 June
- SFO charging the bank with conspiracy to commit fraud by false representation and unlawful assistance
- former senior executives Varley, Jenkins, Kalaris,and Boath will also appear in court on 3 July
The charges have been widely touted lately and relate to investigations into undisclosed payments to Qatari investors during £12bln emergency fund-raising in 2008 which included a $3bln loan facility to the Gulf state.
The purpose of the fund raising was to avoid nationalisation by the UK govt.
Barclays says "it is considering its position" awaiting further details from SFO.
Jenkins says he will defend himself "vigorously"
Meanwhile GBPUSD 1.2742 and EURGBP 0.8755 as we wait on the Mansion House breakfast event featuring fin min Hammond and BOE gov Carney. I will post a few thoughts shortly.
Barclays in the dock over Qatar funds