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Barclays fraud trial over 2008 financial crisis fundraising deals set for 2019

17 Juillet 2017

The outcome of the criminal trial of Barclays and four former executives is unlikely to be known until mid-2019, after a judge set the start date in a London court for January 2019 and said the trial was expected to last for four months.

Varley, 61, of Notting Hill, Roger Jenkins, 61, of Malibu in California, Thomas Kalaris, 61, of Kensington and Richard Boath, 58, of Henley-on-Thames in Oxfordshire, were charged last month with conspiracy to commit fraud over a June 2008 bid to raise billions of pounds in capital.

The four former executives are the most senior bankers to be charged for events that occurred during the financial crisis. They spoke to confirm their identities.

The charges follow a five-year investigation in relation to the bank's fundraising.

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Varley, who was chief executive between 2004 and 2011, Barclays and Jenkins also face a charge of unlawful financial assistance in relation to a US$3bn loan provided to the State of Qatar.

Barclays raised about £12bn in two emergency fundraising in June and October 2008, mainly from Qatar investors, to avoid a government bailout during the height of the financial crisis. Varley and Boath are on unconditional bail.

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

Barclays fraud trial over 2008 financial crisis fundraising deals set for 2019