Historical Fraud Trial begins
A historical fraud trial begins this week involving four senior bankers at Barclays, including the former CEO – John Varley.
The charges brought forth by the UK Serious Fraud Office (SFO) spans over the last thirty years, surrounding the 2008 financial crisis and the bankers conduct during this time period.
Charges were filed in June 2017 against the bankers, as a ‘serious white-collar crime’, regarding the approximate 12 Billion Pounds that was secured from Investors in Qatar in emergency funds during the financial crisis in 2008.
The case will be the first jury trial in the world against a CEO of a major bank like Barclays and is set to take place at the UK’s infamous London Southwark Crown Court, scheduled to last at least four months.
Notably, Barclay’s turned not once but twice to Qatari Investors, in which lead to two cash injections from Qatar into Barclays during the financial crisis. However, significantly, the SFO as prosecutor argues that what Barclays informed the market during these two ‘emergency cash calls’ doesn’t add up to what actually occurred during the transaction, in which was not fully disclosed to the market or other investors at the time.
Therefore, upon these charges of fraud against the Barclays bankers in question, the defendants are likely to deny all charges, specifically those surrounding ‘false representation’.
A verdict shall be given shortly after the four months trial, which is foreseeably to be likely in May 2019.
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