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
Peshawar Zalmi reignite media partnership with Arab News Pakistan for PSL 2025
- Zalmi clinched the 2017 title and have remained strong contenders in subsequent seasons
- After a challenging tournament start, they have bounced back with 120-run win against Multan
ISLAMABAD: A popular franchise of the Pakistan Super League (PSL), Peshawar Zalmi, announced on Sunday a renewed media partnership with Arab News Pakistan, continuing a collaboration that began in 2020.
The PSL, launched in 2016, is Pakistan’s premier T20 cricket league featuring six city-based teams.
Peshawar Zalmi, representing the capital of Khyber Pakhtunkhwa province, clinched the PSL title in 2017 and have consistently been strong contenders in subsequent seasons.
“Proud to go global with @arabnewspk as our International Newspaper Partner for #HBLPSLX,” Zalmi announced on their social media account on X, exclaiming, “Where cricket meets the world.”
Arab News Pakistan was launched in February 2018 and has since provided in-depth coverage of Pakistan, including sports.
Its parent organization, Arab News, was founded in 1975 and is part of the Saudi Research and Media Group (SRMG), one of the largest media conglomerates in the region.
Peshawar Zalmi had a challenging start to this year’s PSL but bounced back with a commanding 120-run victory over Multan Sultans on Saturday, marking their first win of the season.
They are now set to face Karachi Kings in the next match on Monday at the National Stadium in Karachi.
King Abdullah invited to attend Arab Summit in Baghdad as Jordan and Iraq discuss regional cooperation
AMMAN: Jordan’s King Abdullah II on Sunday received an official invitation from Iraqi President Abdul Latif Rashid to attend the 34th Ordinary Session of the Council of the League of Arab States at the Summit Level, scheduled for Baghdad on May 17.
The invitation was delivered by Iraq’s Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein during a meeting with King Abdullah at Al-Husseiniya Palace, the Jordan News Agency reported.
The king asked Hussein to convey his greetings to Rashid and expressed Jordan’s eagerness to ensure the success of the upcoming summit. He also highlighted the importance of Arab solidarity and joint efforts to support Arab causes, particularly in light of current regional developments.
Ayman Safadi, Jordan’s deputy prime minister and foreign minister, also attended the meeting.
Earlier in the day, Safadi received Hussein upon his arrival in Jordan.
The two ministers held talks focused on enhancing relations and exchanging views on the latest developments in the region, JNA reported
They reaffirmed the deep-rooted ties between Jordan and Iraq and underscored the commitment of both leaderships to advancing cooperation across various sectors in service of mutual interests, JNA added.
The discussions touched on preparations for the upcoming Arab Summit, with both sides emphasizing the importance of bolstering joint Arab action and strengthening coordination to address challenges facing the Arab world and to promote regional stability and development.
Environmental Week highlights Saudi Arabia’s sustainability vision
- New national index aims to monitor Kingdom’s environmental health, guide policy decisions
RIYADH: Saudi Arabia’s Ministry of Environment, Water and Agriculture launched Saudi Environment Week on Sunday, themed “Our Environment is a Treasure,” to showcase the Kingdom’s efforts in ecosystem protection and sustainable development.
A highlight was the debut of the National Environmental Performance Index, a strategic tool to monitor environmental progress and guide policy.
The event, inaugurated by Minister Abdulrahman Al-Fadhli in Riyadh, brings together government agencies, businesses, nonprofits, and local communities to promote eco-friendly practices and collective responsibility.
Minister of State for Foreign Affairs and Climate Envoy Adel Al-Jubeir also attended, with the event featuring environmental presentations, agreement signings, and children’s performances to encourage positive environmental behavior.
Activities include nationwide exhibitions, workshops on biodiversity and renewable energy, and forums for green innovations.
The new index, which Al-Fadhli described as essential for informed decision-making, will track environmental metrics like air quality, water conservation, and biodiversity.
It aims to align national development with ecological priorities, reinforcing Saudi Arabia’s commitment to sustainable growth.
Al-Fadhli stressed the Kingdom’s leadership in sustainability, prioritizing natural resource protection and societal responsibility. He said that the index ensures accountability and progress as the country builds a greener future.
Al-Fadhli toured the exhibition, featuring sections on vegetation cover, desertification control, biodiversity, waste management, meteorology, and environmental compliance.
The exhibition also includes workshops highlighting Saudi Arabia’s role in fostering environmental cooperation, raising awareness, encouraging private sector investments in sustainable projects, and advancing technology.
The ministry emphasized that the newly introduced index serves as a nationwide monitoring tool, developed in collaboration with the UN Environment Programme.
It is designed to align with government bodies, environmental organizations, and national centers, ensuring cohesion with Saudi Arabia’s ecological priorities.
Key goals include evaluating environmental health, identifying change drivers, and establishing an early detection system for sustainability challenges and progress.
By tracking progress toward environmental targets, the ministry noted that the index identifies gaps for urgent action, enabling data-driven policy adjustments.
Phase 1 focuses on five core areas linked to the National Environment Strategy and Saudi Vision 2030: wildlife conservation, green space expansion, waste management efficiency, pollution levels in air, soil, and water, and weather forecasting accuracy.
Phase 2 will address emerging priorities, such as climate change metrics, reflecting their importance in long-term environmental planning.
The ministry stressed that the index will provide policymakers with actionable insights, driving improvements in ecological resilience, public health, and quality of life for Saudi citizens.
The National Fisheries Development Center has joined the celebrations of Saudi Environment Week.
Riyadh Al-Fageeh, director general of the center, said: “Our participation highlights the importance of preserving the environment, raising awareness, and strengthening quality of life goals. We aim to emphasize the role of institutions and individuals in maintaining ecological balance, aligned with Vision 2030.”
He added: “Saudi Environment Week reaffirms the Kingdom’s commitment to protecting natural resources and leading regional efforts in sustainability. We encourage all citizens and residents to actively participate and contribute to a cleaner, greener future.”
Israeli probe into the killings of Palestinian medics finds ‘professional failures’
- Israel at first claimed that the medics’ vehicles did not have emergency signals on when troops opened fire but later backtracked
JERUSALEM: An Israeli probe into the killings of 15 Palestinian medics last month in Gaza by Israeli forces said Sunday it has found “professional failures” and a deputy commander will be fired.
Israel at first claimed that the medics’ vehicles did not have emergency signals on when troops opened fire but later backtracked. Cellphone video recovered from one of the medics contradicted Israel’s initial account.
The military investigation found that the deputy battalion commander, “due to poor night visibility,” assessed that the ambulances belonged to Hamas militants. Video footage obtained from the incident shows the ambulances had lights flashing and logos visible, as they pulled up to help an ambulance that had come under fire earlier.
The teams do not appear to be acting unusually or in a threatening manner as three medics emerge and head toward the stricken ambulance. Their vehicles immediately come under a barrage of gunfire that goes on for more than five minutes with brief pauses.
Eight Red Crescent personnel, six Civil Defense workers and a UN staffer were killed in the shooting before dawn on March 23 by troops conducting operations in Tel Al-Sultan, a district of the southern Gaza city of Rafah. Troops then bulldozed over the bodies along with their mangled vehicles, burying them in a mass grave. UN and rescue workers were only able to reach the site a week later to dig out the bodies.
The head of the Palestinian Red Crescent Society has said the slain men were “targeted at close range.”
The Israeli military investigation said the Palestinians were killed due to an “operational misunderstanding” by Israeli forces, and that a separate incident 15 minutes later, when Israeli soldiers shot at a Palestinian UN vehicle, was a breach of orders.
It was not immediately clear whether the military investigation found that any of those killed were Hamas militants. Israel’s military initially said nine were militants.
The investigation found that the decision to crush the ambulances was wrong but denied that there was an attempt to conceal the event.
“The examination found no evidence to support claims of execution or that any of the deceased were bound before or after the shooting,” it added.
Israel has accused Hamas of moving and hiding its fighters inside ambulances and emergency vehicles, as well as in hospitals and other civilian infrastructure, arguing that justifies strikes on them. Medical personnel largely deny the accusations.
Israeli strikes have killed more than 150 emergency responders from the Red Crescent and Civil Defense, most of them while on duty, as well as over 1,000 health workers, according to the UN The Israeli military rarely investigates such incidents.
Palestinians and international human rights groups have repeatedly accused Israel’s military of failing to properly investigate or whitewashing misconduct by its troops.
The International Criminal Court, established by the international community as a court of last resort, has accused Israeli Prime Minister Benjamin Netanyahu and former defense minister Yoav Gallant of war crimes. Israel, which is not a member of the court, has long asserted that its legal system is capable of investigating the army, and Netanyahu has accused the ICC of antisemitism.
Punjab minister urges clerics to denounce Gaza-linked fast-food chain attacks in Pakistan
- Azma Bokhari says attacks are not helping the oppressed people of Palestine but hurting Pakistan
- The government has arrested over 150 attackers and promised strict action against others involved
ISLAMABAD: A senior minister in Pakistan’s Punjab province on Sunday urged religious scholars to publicly condemn recent attacks on an international fast-food chain, warning that such actions were damaging the country’s image and hurting its own citizens.
Punjab Information Minister Azma Bokhari’s remarks came a day after the federal government said over 150 people had been arrested for attacking the Kentucky Fried Chicken (KFC) outlets amid rising anti-American and anti-Israel sentiment in the country over the war in Gaza.
Protesters have vandalized KFC branches in multiple cities, with at least one employee killed during the unrest, asking people to show solidarity with their Muslim brethren in the Palestinian territory who have been killed in great numbers since the beginning of the war in October 2023.
“I believe that all our forums where respected religious scholars are present should come forward more strongly on this issue and speak up,” the provincial minister said at a news conference in Lahore.
“Attacking these food chains is not helping the oppressed people of Gaza,” she continued. “It is hurting Pakistan.”
Bokhari noted that international franchises like KFC provided jobs to thousands of locals in Punjab and other parts of the country.
“Now tell me this: if the 25,000 Pakistanis working here lose their jobs, will that benefit the people of Gaza?” she asked. “Or have these incidents helped the oppressed people of Gaza in any way? No, it’s causing harm — harm to Pakistan’s image.”
She also referenced the killing of a KFC employee in Sheikhupura, questioning what his fault was.
Bokhari accused “an extremist group” of organizing the attacks and said the government would take strict action against those involved.
On Saturday, Minister of State for Interior Tallal Chaudry said 12 police cases had been registered against the attackers in Punjab alone, with 142 arrests made. Another 15 suspects had been detained in Islamabad, he added.
“It cannot happen that someone brings investment into Pakistan, gives its people employment, pays 100 percent tax, and also spends on welfare, education and health activities, and then someone attacks it,” he said.
He maintained such incidents would be treated with the same seriousness as militant attacks, adding the government and interior ministry were “available 24 hours” to respond.
Pakistan does not maintain diplomatic relations with Israel but has consistently voiced support for the Palestinian cause.
Prime Minister Shehbaz Sharif has called for an immediate end to Israel’s military campaign, while Pakistan’s permanent mission to the United Nations has repeatedly urged accountability for Israeli “war crimes.”
