Serious Fraud Office presses for criminal charges to be reinstated against Barclays
The Serious Fraud Office (SFO) is pressing to get criminal charges reinstated against Barclays related to its capital raising arrangements at the height of the financial crisis.
The high street bank and four former executives were charged with conspiracy to commit fraud and the provision of unlawful financial assistance in 2017, connected to a deal with investors Qatar Holding and Challenger Universal in June and October 2008.
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The case against the bank was thrown out by the Crown Court in May this year.
The SFO then made an application to the High Court in a bid to reinstate all dismissed charges, and arguments for whether charges should be brought will be heard in the High Court this week.
The charges against former chief executive John Varley and three other Barclays executives remain live, with the trial due to start in January.
Alongside Varley, former investment banking and investment management for Africa and the Middle East executive chair Roger Jenkins, ex-wealth and investment management chief executive Thomas Kalaris and former European head of financial institutions group Richard Boath are charged with conspiracy to commit fraud by false representation in relation to the June 2008 capital raising.
Varley and Jenkins were given a second charge of conspiracy to commit fraud connected to a another capital raising in October 2008. All of the defendants have pleaded not guilty.
Barclays and the SFO declined to comment.
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