A former Barclays executive said he pretended to be busy to avoid looking panicked while negotiating a 2 billion-pound ($2.6 billion) investment from Qatar at the height of the 2008 financial crisis that saved the bank from a government bailout.
Bloomberg News reports that Roger Jenkins, then head of Barclays Middle East group, made the then-prime minister of Qatar wait ahead of a June 2008 meeting so he wouldn’t look desperate, according to a phone call played for London jurors at a fraud trial on Thursday. Jenkins told Sheikh Hamad bin Jassim Al Thani, who also ran the country’s sovereign wealth fund, that he’d have to leave Qatar’s capital for other meetings.
Jenkins is one of four former Barclays executives charged with conspiring to defraud investors by not disclosing £322m in secret fees that were paid to the Qataris, and Sheikh Hamad, as part of the investment that saved the bank from nationalization.
The Barclays executives have all pleaded innocent.
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