A former Barclays executive told in-house lawyers he felt sick when he was told ...
FILE PHOTO: Former Barclays banker Richard Boath arrives at Southwark Crown Court in London, Britain, January 23, 2019. REUTERS/Hannah McKay/File PhotoLONDON - A former Barclays executive told in-house lawyers he felt sick when he was told the bank could be challenged by criminal authorities over side deals with Qatar during a 2008 emergency fundraising, a London fraud trial heard on Wednesday.
The Serious Fraud Office , which is prosecuting the case, alleges the defendants misled shareholders and other investors by not disclosing that Barclays paid an extra 322 million pounds to Qatar through advisory service agreements , which the SFO says were not genuine.Extracts of transcripts of telephone conversations and emails were read out and shown to the court by the prosecution on Wednesday.
Eight years later, Boath told SFO investigators that although he had not liked the Qatar deal, it had been negotiated by his seniors, approved by lawyers and that he thought the bank believed it would get value for the money. “I don’t think Chris Lucas or John Varley would ever have signed off on it if they thought that they were not going to get value for their services,” he added in a recorded interview that was played to the court.
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