The Barclays executive at the centre of a £140m ($214.6m) damages claim against the bank was accused in court on Tuesday of telling a 'blatant lie' to cover up how the firm had allegedly mistreated a client.
Trading house CF alleges that the bank went behind its back to make a rival and successful £100m bid for Tricorona, a Swedish carbon trader CF had itself been pursuing with potential finance from Barclays.
CF alleges Barclays 'misused' confidential information the trading house had provided 'to their own unfair advantage', while also breaching 'obligations of confidence'. The bank denies the claims.
Taking the witness stand for the first time, Ms Patel was asked by Tim Lord QC, acting for CF, why she had corrected her second witness statement as recently as last Friday and submitted a third account.
The court heard the transcript of a telephone call in January 2009 between Ms Patel and Angela Swift, the co-head of the Barclays deal team involved in CF’s potential bid for Tricorona.
In it, Ms Patel was heard to say: 'We know more about their portfolio than anyone else'.
Lord quoted from Ms Patel’s second witness statement, where she explained that the comment meant 'we knew more about Tricorona’s portfolio than about the portfolios of other carbon developers because of information we had from previous contact with Tricorona and because Tricorona was a public company'.
'That was a blatant lie, wasn’t it, Miss Patel', Lord said.
'It wasn’t a lie', she replied. 'It was simply me not remembering the timeline associated with transactions and dialogue I had had with other carbon developers and therefore the statement was incorrect'.
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image: © Lisamarie Babik