In a blow to the UK's taxpayer-funded Serious Fraud Office, three former Barclays executives were acquitted of fraud charges
The SFO, which filed charges a month after the ruling Conservative Party pledged to abolish the agency and roll it into a national crime-fighting force in 2017, said it remained determined to pursue perpetrators of serious financial crime.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.
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.
“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. 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.
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.
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