Reuters - Court told ex-Barclays boss said bank 'basically dead' without Qatari cash

Barclays Sign

Richard Boath, an ex-Barclays boss on trial on fraud allegations, said the bank would be “basically dead” without a Qatari cash injection in 2008, a prosecutor said on Thursday.

Reuters reports that The Serious Fraud Office prosecutor told the trial of Barclays’ ex-chief executive John Varley and three former senior executives that Qatar had played hardball as the British bank struggled to shore up its balance sheet during the financial crisis.

“Without 1 bln (pounds), at the very least, from Q (Qatar) we are basically dead,” Boath told his Barclays line manager on May 28, 2008, in a communication read out in Southwark Crown Court by prosecutor Edward Brown on the second day of the case.

Former CEO Varley, Roger Jenkins, Tom Kalaris and Boath deny conspiring to commit fraud by false representations when Barclays raised more than 11 billion pounds from investors in 2008, allowing it to avert a British state bailout.

Hit the link below to access the complete Reuters article:

Barclays was 'basically dead' without Qatari cash, London court told

Orcel expects compensation from Santander for withdrawn CEO job - source





Have something to tell us about this article?

JefferiesAnd the Best Place to Work in the global financial markets 2018 is...