We aim to make this site as accessible as possible and therefore have provided the settings below to use if you are finding it difficult to view this website. See the SFO Accessibility Statement for more information.

Where it is appropriate to provide a Welsh translation, you can switch to Cymraeg. See the Welsh Language Commissioner website for more information.

Use the settings button in the bottom right corner of the page to access these settings again.

We would like to use Analytics Cookies on our website. 

Turn these on below if you are happy with us collecting information on how our site is used, in order for us to improve the overall experience of our website. 

All other cookies are necessary and therefore by continuing to browse this website, you are agreeing to the usage of these cookies.

 See the SFO Privacy Policy for more information. 

Analytics Cookies

Barclays PLC and Qatar Holding LLC

The SFO conducted a criminal investigation into Barclays and its capital raising arrangements with Qatar Holding LLC and Challenger Universal Ltd in June and October 2008.

Criminal proceedings against Barclays PLC and four individuals were initiated on 3 July 2017, when they appeared before Westminster Magistrates’ Court. They were charged with conspiracy to commit fraud by false representation and unlawful financial assistance contrary to s151 of the Companies Act 1985.

On 12 February, criminal proceedings were initiated against Barclays Bank Plc, which was also charged with unlawful financial assistance contrary to s151 of the Companies Act 1985.

On 21 May 2018 the charges against Barclays Plc and Barclays Bank Plc were dismissed by the Crown Court.

On 23 July 2018, the SFO made an application to the High Court to re-instate against Barclays PLC and Barclays Bank PLC all of the charges dismissed by the Crown Court in May 2018.

On 26 October 2018, the High Court ruled against the SFO’s application seeking to reinstate the charges previously dismissed in the Crown Court.

On 7 January 2019, the trial of John Varley, Roger Jenkins, Thomas Kalaris and Richard Boath began at Southwark Crown Court.

On 8 April 2019, the jury was discharged by the presiding Judge.

Following an application on behalf of John Varley at the close of the prosecution case, the trial Judge ruled that the evidence against him on each count was insufficient for the case to proceed. That ruling was appealed by the prosecution.

On 21 June 2019 that appeal was dismissed by the Court of Appeal. Accordingly, Mr Varley has been acquitted on both counts.

The trial of Mr Jenkins, Mr Kalaris and Mr Boath began on 8 October at the Central Criminal Court (Old Bailey).

On 28 February 2020, Roger Jenkins, Richard Boath and Thomas Kalaris were acquitted of fraud in the UK’s first trial of bank executives for misconduct during the 2008 Financial Crisis.

Defendants

  • Roger Jenkins – former Executive Chairman of Investment Banking and Investment Management in the Middle East and North Africa, Barclays Capital.
  • Thomas Kalaris – former Chief Executive of Barclays Wealth and Investment Management (a division of Barclays Plc).
  • Richard Boath – former European Head of Financial Institutions Group, Barclays Capital.

Charges

Roger Jenkins, Thomas Kalaris and Richard Boath

Conspiracy to commit fraud by false representation, contrary to section 1(1) of the Criminal Law Act 1977, in relation to the June 2008 capital raising,

Fraud by false representation, contrary to section 1 of the Fraud Act 2006, in relation to the June 2008 capital raising.

Roger Jenkins

Conspiracy to commit fraud by false representation, contrary to section 1(1) of the Criminal Law Act 1977, in relation to the October 2008 capital raising.

Fraud by false representation, contrary to section 1 of the Fraud Act 2006, in relation to the October 2008 capital raising.

Page published on 11 Sep 2014 | Page modified on 17 May 2021