Barclays and ex-top bankers appear in court over side deals in financial crisis

Barclays and four former top bankers have appeared in court over side deals struck during emergency fundraising at the height of the financial crisis.

The bank, ex-chief executive John Varley, 61, Roger Jenkins, 61, Thomas Kalaris, 61, and Richard Boath, 58, have all been charged with conspiracy to commit fraud over a June 2008 fundraising.

The case marks the first criminal charges to be brought in the UK against a bank and its former executives for activities during the financial crisis.

Former Barclays chief executive John Varley (centre) arrives at Westminster Magistrates' Court where he and three ex colleagues, Roger Jenkins, Thomas Kalaris and Richard Boath face charges over side deals struck during emergency fundraising at the height of the financial crisis.
Former Barclays chief executive John Varley (centre) arrives at Westminster Magistrates' Court where he and three ex colleagues, Roger Jenkins, Thomas Kalaris and Richard Boath face charges over side deals struck during emergency fundraising at the height of the financial crisis.

Boath, of Henley-On-Thames, Oxfordshire, Jenkins, of Malibu, California, Kalaris, of Thurloe Square, London and Varley, of Pembridge Villas, London appeared before a courtroom packed with journalists, at Westminster Magistrates' Court on Monday.

Barclays, Varley and Jenkins face the same charge relating to a second fundraising in October 2008, while they have also been charged with providing unlawful financial assistance.

Varley, who was chief executive between 2004 and 2011, headed the bank at the time of the fundraising, while Jenkins is also said to have played a key role in orchestrating the deal.

Kalaris used to lead the bank's wealth and investment management division, while Boath was the former European head of financial institutions group at Barclays.

The Serious Fraud Office said the charges relate to the bank's emergency fundraising from Qatari investors as the group sought to avoid a government bailout amid the banking sector meltdown.

Bailing all four defendants, senior district judge Emma Arbuthnot ordered Jenkins and Kalaris to pay a security each of £500,000 owing to the former living in the United States and the latter having dual nationality.

Boath and Varley were released on unconditional bail. They are next due to appear at Southwark Crown Court on July 17 at 9.30am.

- PA

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