Britain Charges Barclays Ex-bosses

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Four former top bosses (executives) of Barclays have been criminally charged over secret payments to Qatari investors during a 12 billion-pound ($15 billion) crisis fundraising in the year 2008.

The Serious Fraud Office (SFO) of Britain said on Tuesday it was accusing Barclays with conspiracy to obligate fraud and illegal financial support, making it the first bank criminal charges over actions taken during financial calamities.

And the Barclays said it was seeing its position and expecting further information about the charges, which follow a five-year SFO inquiry into how it avoided the fate of Lloyds and RBS by staving off a state bailout.

The top four Barclays executives John Varley, Roger Jenkins, Thomas Kalaris, and Richard Boath being charged by the SFO after it investigating a two-part fundraising that included $3 billion Barclays loan to the wealthy Gulf State.

These men are the most senior bankers to be charged in Britain for supposed crimes during the financial disasters and they will face jail sentences of up to 10 years if found guilty. There was no accusation of offense against Qatar, which is the major investor in Britain.

The executives who are charged to obligate fraud by the false representation during June 2008 capital rising are  Varley, the bank’s Chief Executive, Jenkins, a former tax advisory boss, Kalaris, the ex-CEO of Barclays’ wealth division and Boath, former European head of financial institutions.

Jenkins and Varley have been charged with conspiracy to commit fraud by the false representation in relation to the second capital raising in October 2008 and Varley and Jenkins also face another charge of illegal financial assistance, said by SFO.

An investigation by the SFO charged on commercial agreements between Qatari and Barclays investors during two emergency fundraising in June and October at the peak of the credit crises.