Brıtaın, Barclays, Qatar, Crime / Law / Justice, Financial Fraud / Securities Fraud, Financials (Trbc), Judicial Process / Court Cases / Court Decisions, Financials (Legacy), Crime, Qatar, Middle East, White Collar Crime / Fraud / Corporate Crime, United Kingdom, Company Management Issues, Sovereign Wealth Funds, Investment Management And Fund Operators (Trbc)

Brıtaın, Barclays

Ex-Barclays bankers cleared over 2008 Qatar fees in blow to UK fraud office

Three former Barclays executives were unanimously acquitted on Friday of charges...

2/28/2020 10:20:00 PM

In a blow to the UK's taxpayer-funded Serious Fraud Office, three former Barclays executives were acquitted of fraud charges

Three former Barclays executives were unanimously acquitted on Friday of charges...

But the case, which the SFO estimated has cost around 10 million pounds, was tricky.The most senior defendant, former CEO John Varley, was acquitted last June for lack of evidence and the case against Barclays, which centered on alleged unlawful financial assistance to Qatar through a $3 billion loan, was dismissed in 2018.

Minneapolis Police, Long Accused of Racism, Face Wrath of Wounded City Watch Hilary Duff & Cheaper By the Dozen Co-Stars Recreate Scenes Executive Order Is Expected to Curtail Protections for Social Media Companies

Zoe Osborne, a lawyer at Steptoe & Johnson, said it had been “absolutely the wrong case to pursue”.“It is a crushing loss that should be seen by the SFO as a painful lesson that it needs to heed,” said Aziz Rahman, a lawyer at Rahman Ravelli.SECRET PAYMENTS

Qatar Holding, part of the $300 billion Qatar Investment Authority (QIA) sovereign wealth fund, and Challenger, former Qatari prime minister Sheikh Hamad bin Jassim bin Jabr al-Thani’s investment vehicle, ploughed about 4 billion pounds into Barclays in June and October 2008.

The SFO alleged Jenkins, Kalaris and Boath conspired with ex-finance director Chris Lucas to disguise an extra 42 million pound payment with a bogus, three-year advisory services agreement (ASA) after the Gulf state demanded more than twice the fees Barclays was paying other investors in June 2008.

Jenkins was also charged over the bank’s subsequent, 280 million pound, five-year ASA struck with Qatar four months later, as the bank tapped investors for a second time in a two-part, 11 billion pound fundraising.The men said the ASAs were intended as genuine mechanisms to pay Qatar what it wanted while extracting lucrative, commercial business from Qatar, that such side deals were common in banking, that senior directors had authorized the parameters of negotiations and, along with lawyers, had approved the deals.

Former Barclays banker Richard Boath leaves the Old Bailey Central Criminal Court in London, Britain, February 25, 2020. Picture taken February 25, 2020. REUTERS/Henry NichollsQatar’s QIA, which said in a statement it remains a “committed shareholder, investor and partner to Barclays”, was neither investigated nor accused of wrongdoing.

“Our investments in Barclays created a strategic partnership with the bank and were part of our plan to build a global financial portfolio,” a spokesperson said.A statement issued on behalf of Sheikh Hamad said that the ASAs were genuine and had provided for potential substantial transactions.

Opinion | The Truth at the Center of Trump’s Hollow Threats Trump threatens to 'close' down social media platforms after Twitter fact checks claims on mail-in voting fraud She came to L.A. for fame. 20 years later, this auntie is a bonafide TikTok star

A lawyer for Lucas, who was not charged because he was too ill to stand trial, declined to comment.NERVOUS NELLIEMuch of the case was built on recorded conversations on the telephone line of Boath, nicknamed “Nervous Nellie” by his counsel.Boath fretted the June ASA looked “dodgy”, that it could be seen as a “bung” and said he felt sick at the thought of having to demonstrate to authorities that Qatar had provided services, transcripts of conversations and SFO interviews showed.

But Boath also said he had been reassured after seniors approved the deal and had confidence that Jenkins would get the value back from Qatar. “He is a very impressive individual,” he told the SFO in 2014, transcripts shown to the court showed.Defense lawyers said Boath had not fully grasped that Sheikh Hamad could provide Barclays with lucrative, commercial business opportunities by just opening his rolodex.

Jenkins, who was recommended a 25 million pound bonus for his work in 2008, told the jury that Sheikh Hamad would have been insulted if he had been asked to spell out his promises, but that he had believed “with a passion” in the ASAs.After a heart attack in early August 2008, Jenkins said he was ordered back to work a month later to help save Barclays.

Slideshow(2 Images)The case does not end legal action over the way Barclays behaved during the financial crisis.The bank is still contesting a 1 billion pound-plus civil lawsuit from businesswoman Amanda Staveley, who arranged an investment from Abu Dhabi investors.

And the Financial Conduct Authority markets regulator in 2013 proposed a 50 million pound fine over how Barclays made disclosures about its dealings with Qatar. That investigation has been on hold pending the outcome of the criminal case.($1=0.7696 pounds)

Additional reporting by Lawrence White and Eric Knecht in Beirut; Editing by Alexander Smith Read more: Reuters Top News »

Try spinning that win into increasing investors. it's ok, if it's White-collar crime. The rich and connected never do time. Let’s hope Boris does better.

Baltimore ex-mayor sentenced to three years in prison in children's book fraud schemeFormer Baltimore mayor Catherine Pugh was sentenced on Thursday to three years i... A corrupt politician in Baltimore? Say it isn't so LMAO Democrat

Kerry Katona breaks down in tears as her late ex George Kay's dog is put downKerry Katona shared her grief over her dog Paddy's death with her fans as she had to have him put down 😢😢😢😢😢😢😢😢Animal like human the are my baby is so sad to lose them. Take care of yourself and one day you will find another dog cat need your love by strong

Ex-Baltimore mayor sentenced to 3 years in prison for children's book scamCatherine Pugh resigned after federal authorities said she arranged for bulk sales of her “Healthy Holly” children's books to disguise hundreds of thousands of dollars in kickbacks. She should look at the bright side. If she had told a lie instead, prosecutors might have asked for 8-9 years. S/b in same lock-up as Art Modell! Browns This wasn’t a real book?

Gage Edward Is Suing Ex Jeff Lewis — and Wants Their Daughter Monroe's Name ChangedThe couple split just over a year ago and have been embroiled in an ugly custody battle of their three year old Gage is crazy. Monroe is Jeff's biological child. Why should the name be changed? Meh These folks just crave the spotlight....

How Discovering Lady Gaga Is Dating Her Ex-Boyfriend Inspired This Woman to Challenge Herself'Lady Gaga is amazing. Comparing yourself with her is incredibly motivational,' Lindsay Crouse of The New York Times writes Weird. The art of letting go is a thing. This is boarder line stalking and people need to do a lot of self care.

William Barr Is Turning U.S. Into Dictatorship, Says Ex-Labor SecretaryRobert Reich calls on the attorney general to resign “for the sake of our democracy” in a new video. As opposed to Obama's wingman Eric holder? Spare me. It’s just about there.....bought and paid for Judges...corrupt DOJ....traitors in the Senate.... That's dumb. Barr making a 2nd attempt to over throw our Democracy . To bad people never pick up a history nook.