Barclays, execs in United Kingdom court over fraud allegations

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Barclays former CEO and three bankers in court to face fraud charges

Britain's Serious Fraud Office last month charged Barclays bank and four former managers, including Varley, with "conspiracy to commit fraud" linked to emergency fundraising from Qatar during the global financial crisis.

They are the first senior bankers to face criminal charges for events dating back to the banking crisis nearly a decade ago, when Barclays raised £11.8bn in emergency funds from a number of major investors, including Qatar. Barclays has said the claims are "disconnected from the facts" and has vowed to "vigorously defend" itself.

Boath and Varley were released on unconditional bail.Barclays, execs in United Kingdom court over fraud allegations.

They will next appear at Southwark Crown Court in two weeks' time, on 17 July.

The judge set bail of £500,000 each for Jenkins and Kalaris, as Jenkins lives in California and Kalaris has dual US-UK nationality.

Although none of the men have yet entered a formal plea, representatives for Varley, Jenkins and Boath indicated their clients would be pleading not guilty.

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Chief police investigator Martin Hedberg said there are now no suspects in the reported cases. "This is so disgusting. In remarks reported by the Associated Press , he called for better video surveillance and increased policing.

In particular, Britain's top prosecution body said the case focused on Barclays "capital raising arrangements" in Qatar "which took place in June and October 2008, and a $3bn loan facility made available to the State of Qatar acting through the Ministry of Economy and Finance in November 2008". Both fundraisings involved two investment vehicles related to Qatar. The charges basically are the false representation and unlawful assistance.

Four ex-Barclays bankers, including the former chief executive John Varley, have appeared in court charged with fraud.

The bank paid $450 million in penalties over allegations it helped manipulate Libor, and its American chief executive, Robert E. Diamond Jr., subsequently resigned.

Barclays Plc was also charged with fraud and unlawful financial assistance.

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.

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