LONDON: Barclays and four former top executives were charged with fraud on Tuesday over undisclosed payments to Qatari investors as part of a £12 billion ($15 billion) emergency fundraising during the financial crisis in 2008.
Britain’s Serious Fraud Office (SFO) charged Barclays Plc, former Chief Executive John Varley, Roger Jenkins, Tom Kalaris and Richard Boath with conspiracy to commit fraud and unlawful financial assistance in its first criminal prosecution of a bank and senior managers over events during the credit crisis.
Barclays said it was considering its position and awaiting further information about the charges, which follow a five-year inquiry into how it avoided the fate of Lloyds and Royal Bank of Scotland (RBS) by averting a state bailout.
The SFO charged Varley, Jenkins, the ex-chairman of its Middle East investment banking arm, Kalaris, a former CEO of the bank’s wealth division and Boath, a former European head of financial institutions, after investigating a two-part fundraising that included a $3 billion loan to Qatar.
A lawyer for Jenkins said he would “vigorously defend” himself, adding his client had received both internal and external legal advice at the time.
Boath said he had no case to answer as he had repeatedly raised concerns about decisions taken by the bank at the time with both senior management and senior lawyers and had been reassured the decisions were lawful.
“The SFO’s decision to charge me is based on a false understanding of my role and the facts. I was not a decision-maker and had no control over what the bank did in 2008,” he said in a statement.
“The evidence I have supplied is very clear: There is no case for me to answer.”
A lawyer representing Varley, who resigned as a Rio Tinto senior independent director with immediate effect following the SFO charges, declined to comment. A lawyer for Kalaris could not immediately be reached for comment.
Each offense of fraud by false representation carries a maximum jail sentence of 10 years. Barclays faces a fine.
The men have been told to appear before Westminster Magistrates’ Court on July 3.
The case centers on agreements between Barclays and Qatari investors during two fundraisings in June and October 2008.
Qatar Holding, part of the Qatar Investment Authority (QIA) sovereign wealth fund, and Challenger, an investment vehicle of former Qatari Prime Minister Sheikh Hamad bin Jassim bin Jabr Al-Thani, invested around £5.3 billion in Barclays.
Authorities have examined whether payments from Barclays to Qatar at the same time, such as around £322 million in “advisory services agreements” (ASA), alongside the $3 billion loan, were honest and properly disclosed.
Varley and Jenkins have been charged with conspiracy to commit fraud by false representation during the June 2008 capital raising as well as the November 2008 fundraising. They also face a charge of unlawful financial assistance.
Kalaris and Boath have been charged with conspiracy to commit fraud by false representation during the June capital raising, the SFO said.
Qatar, which is a major UK investor, has not been accused of wrongdoing.
The criminal charge is a reputational blow to Barclays, which is grappling with a string of other legal problems.
In a separate case, it is contesting a $1 billion civil lawsuit from businesswoman Amanda Staveley, who arranged an investment in Barclays from Abu Dhabi investors during the financial crisis.
In 2013 the Financial Conduct Authority (FCA) proposed a £50 million fine over how Barclays made disclosures about its dealings with Qatar in an investigation that has been on hold pending the outcome of the SFO’s probe.
“We are pleased that this matter, which led to the stay of our own case, is now in the public domain. We welcome a fair and transparent hearing on the basis of the charges set out today by the SFO,” it said in a statement.
Away from Qatar, Barclays current CEO Jes Staley, who joined the bank in late 2015, is under investigation for attempting to unmask an internal whistleblower.
Qatar, meanwhile, has made a healthy profit from its investment and remains Barclays’ biggest shareholder, with a stake of around 6 percent, according to Thomson Reuters data.
Britain charges Barclays, ex-bosses over ‘unlawful’ Qatari deal
Britain charges Barclays, ex-bosses over ‘unlawful’ Qatari deal
Pakistan court to announce £190 million bribe case verdict against Imran Khan, wife today
- Khan, wife are accused of receiving land worth millions of dollars as bribe from real estate tycoon for favor
- Accountability court in Islamabad hearing the case has postponed announcement of the verdict twice before
ISLAMABAD: An accountability court in Pakistan’s capital is set to announce the long-awaited verdict today, Monday, in a case involving former prime minister Imran Khan and his wife Bushra Khan, in which the two are accused of receiving land worth millions of dollars as bribe from a real estate tycoon through a trust.
The Islamabad accountability court had reserved the case’s verdict and was to announce it on Dec. 23, 2024. However, the decision was delayed to Jan. 6 due to winter vacations. The court delayed the decision for a second time till Jan. 13, drawing criticism from Khan’s Pakistan Tehreek-e-Insaf (PTI) party.
The Al-Qadir Trust case, as it has popularly come to be known, involves a charitable trust set up by Khan and his third wife Bushra Khan in 2018 when he was still in office. Pakistani authorities have accused Khan and Bushra of receiving the land, worth up to 7 billion rupees ($25 million), from property developer Malik Riaz, who was charged in Britain with money laundering.
Authorities accused Khan of getting the land in exchange for a favor to the property developer by using 190 million pounds repatriated by Britain in the money laundering probe to pay fines levied by a court against the developer. Khan’s aides have previously said that the land was donated to the trust for charitable purposes and that neither he nor his wife personally benefited from it. Riaz has also denied any wrongdoing.
“Not beneficiary, not owner, no illegal gratification taken or given, no authority misused, no loss caused and no crime committed — period,” Gohar Ali Khan, the PTI chairman, wrote on social media platform X on Monday.
Khan’s party last week said the repeated delays in announcing the verdict puts a question mark on the legitimacy of the merits of the trial, alleging that it was conducted based on “phony evidence.”
Khan, who has been in jail since August 2023 in a slew of cases, says the cases against him are politically motivated to keep him and his party away from power. Since his ouster from office, the former prime minister has led a campaign of unprecedented defiance against the country’s powerful military, accusing them of colluding with his rivals to orchestrate his removal.
The military has denied Khan’s allegations and insisted strongly it does not interfere in politics.
Jazan Winter Season’s Erth Village offers visitors a blend of tradition, art, and culture
- The village combines entertainment with cultural experiences, featuring activities that highlight traditional handicrafts
JAZAN: Erth Village, a key highlight of the Jazan Winter Season, is attracting a significant number of visitors from both within and outside the region, establishing itself as a prominent cultural and tourist destination that showcases the rich diversity of Jazan's heritage.
Located at the southwestern city's waterfront, the village offers a unique experience that seamlessly combines entertainment and culture, with a range of shows and activities that highlight traditional handicrafts. Many of these have been passed down through generations and remain a primary profession for many locals in the region.
Erth Village also immerses visitors in traditional performances, games, and clothing, providing insight into the lives and heritage of past generations in the region.
Food enthusiasts can indulge in traditional dishes that showcase local ingredients and culinary traditions, enhancing the overall visitor experience.
Additionally, visitors can also explore the distinctive fragrances of local perfumes and herbs, gaining a deeper appreciation for the rich history and beauty of the Jazan region.
Pakistan religion minister in Saudi Arabia to attend Global Hajj and Umrah Conference
- The fourth edition of the Global Hajj and Umrah Conference and Expo is being held in Jeddah on Jan. 13-16
- Hussain will deliver a speech at the summit that aims to enhance pilgrim services and promote competitiveness
ISLAMABAD: Pakistan’s Religious Affairs Minister Chaudhry Salik Hussain has arrived in Saudi Arabia on a three-day visit to attend the Global Hajj and Umrah Conference and Expo, and sign the Hajj Agreement 2025, the Pakistani religious affairs ministry said on Sunday.
The fourth edition of the Global Hajj and Umrah Conference and Expo, organized by the Saudi Ministry of Hajj and Umrah, is being held in Jeddah on Jan. 13-16.
Hussain will deliver a speech at the conference, which will have participation of ministers, distinguished personalities, and diplomats from 90 countries.
“The conference aims to enhance services for pilgrims and promote transparency and competitiveness in related industries,” the Pakistani religious affairs ministry said in a statement.
“It will feature 47 panel discussions, 50 workshops, and exhibitions showcasing the latest Hajj technologies and services with 280 displays.”
On Sunday, Hussain also met with Saudi Minister of Hajj and Umra Dr. Tawfiq bin Fawzan Al-Rabi’ah and the two figures reviewed arrangements for Hajj 2025. He praised the efforts of the Saudi leadership in providing excellent facilities to pilgrims.
“There is further potential to strengthen economic and investment cooperation between the two countries,” Hussain was quoted as saying by his ministry.
“This year, measures have been taken to provide better facilities for Pakistani pilgrims compared to previous years, and instructions have been given to the Hajj Affairs Office in Jeddah to ensure the best services for the pilgrims.”
The Saudi Hajj and Umrah minister remarked that a large number of pilgrims come from Pakistan each year, and assured that every possible cooperation would be provided to Pakistani pilgrims, according to the Pakistani religious affairs ministry.
Saudi Arabia has allocated a quota of 179,210 Hajj pilgrims for Pakistan in 2025, divided equally between government and private schemes.
For the first time, Pakistan’s Hajj policy allowed pilgrims last year to make payments in installments. Under this scheme, the first installment of Rs 200,000 ($717) had to be submitted with the application, the second installment of Rs 400,000 ($1,435) within 10 days of balloting and the remaining amount by February 10 this year.
The Pakistani religious affairs ministry has also launched the Pak Hajj 2025 mobile application, available for both Android and iPhone users, to guide pilgrims. Additionally, the government announced a reduction in airfare, lowering ticket prices for federal program pilgrims to Rs 220,000, down from last year’s Rs 234,000.
Pakistan International Airlines, Saudi Airlines, and private carriers have agreed to transport pilgrims this year.
Biden calls for immediate ceasefire in call with Netanyahu, White House says
- Development takes place as US officials race to reach Gaza ceasefire deal before Biden leaves office
- Parties were “very, very close” to reaching a deal, still have to get it across finish line, says Biden aide
WASHINGTON: US President Joe Biden spoke on Sunday with Israeli Prime Minister Benjamin Netanyahu, the White House said, as US officials race to reach a Gaza hostage and ceasefire deal before Biden leaves office on Jan. 20.
Biden and Netanyahu discussed efforts underway to reach a deal to halt the fighting in the Palestinian enclave and free the remaining hostages there, the White House said in a statement after the two leaders spoke by telephone.
Biden “stressed the immediate need for a ceasefire in Gaza and return of the hostages with a surge in humanitarian aid enabled by a stoppage in the fighting under the deal,” it said.
Netanyahu updated Biden on progress in the talks and on the mandate he has given his top-level security delegation now in Doha in order to advance a hostage deal, Netanyahu said in a statement.
The two leaders also discussed “the fundamentally changed regional circumstances following the ceasefire deal in Lebanon, the fall of the Assad regime in Syria, and the weakening of Iran’s power in the region,” the White House said.
Biden’s national security adviser Jake Sullivan told CNN’s “State of the Union” program earlier on Sunday that the parties were “very, very close” to reaching a deal, but still had to get it across the finish line.
He said Biden was getting daily updates on the talks in Doha, where Israeli and Palestinian officials have said since Thursday that some progress has been made in the indirect talks between Israel and militant group Hamas.
“We are still determined to use every day we have in office to get this done,” Sullivan said, “and we are not, by any stretch of imagination, setting this aside.”
He said there was still a chance to reach an agreement before Biden leaves office, but that it was also possible “Hamas, in particular, remains intransigent.”
During their call, Netanyahu also thanked Biden for his lifelong support of Israel and “the extraordinary support from the United States for Israel’s security and national defense,” the White House said.
Israel launched its assault in Gaza after Hamas fighters stormed across its borders in October 2023, killing 1,200 people and taking more than 250 hostages, according to Israeli tallies.
Since then, more than 46,000 people have been killed in Gaza, according to Palestinian health officials, with much of the enclave laid to waste and gripped by a humanitarian crisis, and most of its population displaced.
Vice President-elect JD Vance told the “Fox News Sunday” program in an interview taped on Saturday that he expects a deal for the release of US hostages in the Middle East to be announced in the final days of the Biden administration, maybe in the last day or two.
President-elect Donald Trump, a staunch supporter of Israel, has strongly backed Netanyahu’s goal of destroying Hamas. He has promised to bring peace to the Middle East, but has not said how he would accomplish that.
New Lebanon president starts consultations on naming PM
- Names floated for the post of prime minster, which is reserved for a Sunni Muslim, include current caretaker premier Najib Mikati, anti-Hezbollah lawmaker Fouad Makhzoumi, and Nawaf Salam, presiding judge at the International Court of Justice in the Hague
BEIRUT, Lebanon: New Lebanese President Joseph Aoun will begin parliamentary consultations Monday over designating a prime minister to form a government that will have to face major challenges in the crisis-hit country.
The consultations, a constitutional requirement under Lebanon’s sectarian power-sharing system, come just days after Aoun’s election amid foreign pressure for swift progress — particularly from the United States and Saudi Arabia.
The small Mediterranean nation had been without a president since October 2022, run by a caretaker government despite a crushing economic crisis and a war between Lebanese militant group Hezbollah and Israel.
Names floated for the post of prime minster, which is reserved for a Sunni Muslim, include current caretaker premier Najib Mikati, anti-Hezbollah lawmaker Fouad Makhzoumi, and Nawaf Salam, presiding judge at the International Court of Justice in the Hague.
Aoun’s consultations with political blocs begin at 8:00 am (0600 GMT) with a meeting with powerful parliament speaker and Hezbollah ally Nabih Berri.
A source close to Hezbollah told AFP that both the group and Berri’s Amal movement supported Mikati.
The incumbent’s re-designation is “part of the accord reached with the Saudi envoy to Lebanon... that led Hezbollah and Amal to vote for Aoun as president” last week, the source said on condition of anonymity as the matter is sensitive.
Saudi Arabia and the United States were among key countries driving diplomatic efforts to end the presidential vacuum.
Riyadh has restored its interest in Lebanon’s political scene after years of distancing itself in protest at the influence of the Iran-backed Hezbollah, which was heavily weakened in its latest devastating war with Israel.
Mikati, who has already formed three governments and has good relations with Lebanon’s political parties and several foreign countries, has denied any such prior arrangement exists.
One of the country’s richest men, Mikati has headed the country in a caretaker capacity throughout the presidential vacuum.
Mikati said on the sidelines of the presidential vote on Thursday that he was ready to serve the country “if needed.”
Whoever heads Lebanon’s new government will face major challenges, including implementing reforms to satisfy international donors amid the grinding five-year economic crisis.
They will also face the daunting task of reconstructing swathes of the country after the Israel-Hezbollah war and implementing the November 27 ceasefire agreement, which includes the thorny issue of disarming Hezbollah.
Opposition lawmakers from a grouping that includes the Christian party Lebanese Forces (LF) and smaller blocs announced on Saturday they would nominate Makhzoumi, a wealthy businessman who has good ties with Gulf countries and Washington.
US envoy Amos Hochstein visited Makhzoumi’s home last week for a meeting with opposition lawmakers as part of a trip to Lebanon.
Other lawmakers have instead proposed International Court of Justice judge Salam, a highly respected former ambassador whose name frequently comes up in such consultations.
Late Sunday saw last-ditch attempts to unify opposition and independent positions, with the aim of rallying around Salam and blocking Mikati’s path to the premiership.
Hezbollah’s opponents see Mikati as part of an old political system that the militant group has within its grip.
After Aoun pledged a “new phase” for Lebanon in his inaugural speech, LF leader Samir Geagea said that “like it or not, Mikati was from the previous lot.”
According to Lebanon’s constitution, the president designates the prime minister in consultation with the parliament speaker, choosing the candidate with the most votes during the consultations.
Nominating a premier does not guarantee a new government will be formed imminently.
The process has previously taken weeks or even months due to deep political divisions and horse-trading.
