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Jury discharged in 'Barclays Four' case

Oscar Williams-Grut
Senior City Correspondent, Yahoo Finance UK
The former chief executive of Barclays John Varley arrives at Southwark Crown Court in London on 4 March. Photo: Dan Kitwood/Getty Images

The jury has been discharged in the fraud case against four former Barclays executives related to a 2008 fundraising from Qatar.

Presiding Judge Justice Jay discharged the jury at Southwark Crown Court on Monday.

Four former Barclays bankers face fraud charges related to a multi-billion-pound investment in the bank by Qatar, made at the height of the financial crisis.

The UK’s Serious Fraud Office (SFO) allege that the four bankers misled the stock market by not fully disclosing fees paid to Qatar in exchange for investments made at the height of the financial crisis. The SFO claim fees were covered up by “sham” advisory service agreements (ASAs) that were signed alongside the investment. Qatar is not accused of any wrongdoing.

The defendants in the case are: John Varley, who was CEO of Barclays between 2004 and 2011; Roger Jenkins, who ran Barclays Capital’s investment management business in the Middle East and North Africa; Thomas Kalaris, the former CEO of Barclays’ wealth and investment management; and Richard Boath, the former head of the European financial institutions group at Barclays Capital.

Varley and Jenkins each face two counts of conspiracy to commit fraud, and Kalaris and Boath each face one. All four pleaded not guilty.