Serious Fraud Office Calls For Reinstatement Of Criminal Charges Against Barclays

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The Serious Fraud Office (SFO) is urging for the reinstatement of criminal charges against Barclays. The said charges are related to the capital raising arrangements of the bank during the height of the financial crisis.

Last year, the high street bank and four of its former executives were all charged with conspiracy to commit fraud and the provision of unlawful financial assistance. They are said to be connected to a deal with investors Challenger Universal and Qatar Holding in June and October 2008.

The case against the bank was eventually dismissed by the Crown Court in May this year.

The SFO then made an application to the High Court in an attempt to reinstate all of the dismissed charges, and the arguments for whether the charges should be brought is scheduled to be heard in the High Court this week.

The charges against John Varley, the former chief executive of Barclays, and three other Barclays executives continue to live, with the trial scheduled to start in January.

Together with Varley, Roger Jenkins, the former investment banking and investment management for Africa and the Middle East executive chair; Thomas Kalaris, the former wealth and investment management chief executive, and Richard Boath, the former European head of financial institutions group, are all charged with conspiracy to commit fraud by false representation which are related to the capital raising way back in June 2008.

Both Varley and Jenkins were given a second charge of conspiracy to commit fraud which is connected to a another capital raising in October 2008. All of the defendants have pleaded to be not guilty.

Barclays and the SFO declined to comment regarding the matter