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
Where We Are Going Today: Maritime
Where We Are Going Today: Maritime
Afshan Aziz
Located in the Jeddah Edition hotel at Kurnaysh road, Maritime delivers an unparalleled dining experience, blending French finesse with Asian culinary traditions.
The restaurant’s design features contemporary sophistication, with stylish tables and seating that enhance the overall aesthetic.
Guests are welcomed into a sleek, inviting space where an open-show kitchen serves as the focal point, allowing diners to witness the artistry behind each dish.
Maritime’s menu is a celebration of culinary creativity, showcasing an inspired fusion of flavors. Chef Cedric Vongerichten, celebrated by Zagat as one of the top 30 chefs under 30, has meticulously crafted the menu, skillfully blending locally sourced ingredients with global influences to create a distinctive selection of dishes that delight the palate.
The lunch menu offers an array of vibrant salads, comforting starters and hearty entrees, tailored for a midday feast. Highlights include the zesty avocado salad with quail eggs and peanut relish, the delicate salmon sashimi with turmeric dressing, and the savory mie goreng, a stir-fried noodle dish enriched with prawns and bean sprouts. For those seeking comforting bites, the corn fritters, paired with sambal oelek and kecap manis, deliver a satisfying mix of sweet and spicy flavors.
Dinner elevates the experience with an expanded and more refined menu, showcasing small plates and entrees. To begin your meal, the monkey bread is served warm and fresh, accompanied by salted butter — a comforting and flavorful start that sets the tone for the dining experience. The shrimp dumplings draped in velvety lemongrass beurre blanc and topped with caviar are a standout, alongside crispy baby squid paired with galangal emulsion.
Main courses offer an exquisite range, from the flavorful garlic crab rice, accented with tapioca crisps and fresh cilantro, to the juicy half chicken Lombok, served with smashed rosemary potatoes for a perfect balance of spice and comfort. The lamb shank, paired with crunchy okra and a deeply spiced gulai sauce, is another favorite that impresses with its tender texture and bold flavors.
Whether it is lunch or dinner, Maritime’s offerings cater to diverse tastes. While the lunch menu features lighter and quicker fare, the dinner menu adds a layer of indulgence, offering an expanded selection of thoughtfully crafted dishes.
Maritime’s desserts are as indulgent as the savory dishes. The pandan custard with passionfruit and the banana sundae featuring ube ice cream offer the perfect sweet conclusion to a meal.
Complementing the menu is a selection of temperance beverages and innovative drinks. Highlights include the vibrant Saffron Spritz, a blend of clementine, honey, ginger, and saffron, and the creamy yet refreshing Avocado Oasis, combining Lyre’s white cane, avocado, cucumber, chilli honey and black lava salt. The tangy Rujak Bounce delights with pineapple, tamarind, lime, gula jawa and tajin, while the elegant Amaretti Sour pairs Lyre’s amaretti with lime juice, cherry, and orange peel. For a classic touch, the Martini features Conviv bianco, Lyre’s dry London, mementi blue and olive brine, offering something for every palate.
For private gatherings, Maritime offers two elegant dining rooms, providing exclusivity and intimacy for special occasions.
Check @maritimejeddah for more information.
Saudi Arabia to host UN Internet Governance Forum in Riyadh
- Tech experts to discuss internet policies next month
RIYADH: Saudi Arabia will host the Internet Governance Forum 2024 next month at the King Abdulaziz International Conference Center in Riyadh.
International tech experts will discuss internet policies at the 19th edition of the UN Internet Governance Forum, which will be held between Dec. 15-19 with the theme “Building our Multistakeholder Digital Future.”
The forum is expected to attract more than 10,000 participants from 160 countries, and over 1,000 international speakers, the Saudi Press Agency reported.
Abdullah Al-Swaha, the Saudi minister of communications and information technology, said the forum was “an exceptional platform in the era of artificial intelligence to enhance international digital cooperation between governments, the private sector, the nonprofit sector, pioneers, and innovators.”
He added it represented an opportunity to exchange ideas to achieve economic growth, prosperity for societies and a sustainable digital future to serve humanity.
The event will host 300 sessions and workshops, during which participants will discuss the latest internet governance policies and emerging digital challenges while sharing best practices in the field.
The forum will revolve around four main topics: innovation and risk in the digital space; development and sustainability; promoting human rights and inclusiveness; and improving the digital governance of the internet, the SPA added.
A journey through time: Saudi woman transforms century-old house into a heritage hotel, offering a unique cultural and spiritual experience
- Located just a few kilometers away from the Prophet’s Mosque, the Anarat Boutique blends the authenticity and charm of heritage and culture with the spirit of modernity
MAKKAH: A heritage hotel in Madinah located in the city’s historic Al-Mughaisilah neighborhood is attracting scores of people from around the world.
The Anarat Boutique is just a few kilometers away from the Prophet’s Mosque, blending the authenticity and charm of heritage and culture with the spirit of modernity to offer visitors a one-of-a-kind cultural and spiritual experience.
May Al-Musallam, the project’s founder who transformed the century-old house into the heritage hotel, said: “Anarat Boutique represents a unique model in showcasing the heritage identity of Saudi Arabia, especially amid the prevalence of modern glass-designed buildings. Instead of focusing on modern architectural features, the project highlights the beauty of heritage through furniture and intricate artistic details.”
She highlighted continuous efforts to promote the boutique concept and expand its visibility across the Kingdom, introducing visitors to the beauty of Saudi culture through heritage and historical buildings.
“The building was restored using basalt stone, the same material originally used in its construction, along with traditional materials from the past. Very subtle touches were added to preserve its authenticity. The design and restoration process was led by a specialized team from Tech Design in collaboration with consultants to ensure the highest standards of durability and safety,” she told Arab News.
“Although it was a bold and unique idea, its success was expected due to the strong belief in the concept and meticulous planning. With the support of the Madinah Municipality and collaboration with consultancy entities, the project was executed to meet the highest quality standards.”
The feedback has been overwhelmingly positive, with visitors expressing admiration for the intricate heritage details and the unique lodging experience.
“Anarat Boutique has been opened to welcome guests from all over the world, offering exceptional services that include a personal concierge and a certified tour guide to introduce visitors to the key landmarks of Madinah,” Al-Musallam said.
To book a tour, visit the boutique’s Instagram account or connect through Airbnb.
Al-Musallam added: “The boutique has seen a significant influx of visitors seeking a distinct tourist experience. What sets Anarat Boutique apart is its authentic Madinah-style details, presented to guests in a warm and welcoming atmosphere.
“Anarat Boutique is not just a tourist destination, but also a bridge connecting the past and present, offering a window into the authentic spirit of Saudi heritage in its most beautiful form.”
The project’s marketing manager, Ghina Al-Hakari, described the tour experience as “a journey through the rituals of the people of Madinah in the past, teaching visitors about the culture, traditions and customs of the place. The building and the surrounding areas are steeped in history, and we have provided a tour guide with each room to narrate the story of the past.”
She added: “This location is the first branch of Anarat in Madinah and represents the first of 13 planned regions, God willing. Each region will have its own unique details and character, making every experience distinct.
“This experience targets explorers and history enthusiasts, telling the story of the past. As we say in Anarat’s motto: ‘Live the history, live Anarat’.”
Al-Hakari added that many regions in Saudi Arabia are rich in heritage that must be highlighted.
“We provide a wide range of services in the neighborhood, including guided tours of the city and transportation to the Prophet’s Mosque. Through our partners, we also offer a variety of dishes.
“During Ramadan, God willing, the courtyard will transform into a vibrant hub of activities, making the area a remarkable experience for visitors.”
She added: “The heritage home experience is a unique journey through time, allowing visitors to live the rituals of the people of Madinah and explore the culture, customs and traditions of the place.
“This type of experience is distinguished by its historical immersion, as the buildings and surrounding areas are deeply rooted in history, giving visitors a chance to engage directly with the past.”
ICC’s decisions must be respected, EU’s Borrell says
- Josep Borrell: “They’re not political. It’s a legal body formed by respected people who are the best among the profession of judges.”
BRUSSEL: Outgoing EU foreign policy chief Josep Borrell has called on all EU member states to respect decisions by the International Criminal Court, including the arrest warrant against Israel’s Prime Minister Benjamin Netanyahu.
“We cannot undermine the International Criminal Court. It is the only way of having global justice,” Borrell, whose term as the EU’s top diplomat ends this month, said in Brussels.
“They’re not political. It’s a legal body formed by respected people who are the best among the profession of judges.”
The ICC issued arrest warrants last week for Netanyahu, his former defense chief Yoav Gallant, and a Hamas leader for alleged war crimes and crimes against humanity in the Gaza conflict.
Though all EU member states are signatories to the ICC’s founding treaty, France said on Wednesday it believed Netanyahu had immunity to actions by the ICC, given Israel has not signed up to the court statutes.
Italy has said it is not feasible to arrest Netanyahu as long as he remains head of Israel’s government.
ICC judges said there were reasonable grounds to believe Netanyahu and Gallant were criminally responsible for acts including murder, persecution, and starvation as a weapon of war as part of a “widespread and systematic attack against the civilian population of Gaza.”
Israel, which launched its offensive in Gaza in response to Hamas’ deadly attack on southern Israeli communities on Oct. 7, 2023, has said it will appeal against the warrants for Netanyahu and Gallant.
Asked if France would arrest Netanyahu if he stepped on French territory, Foreign Minister Jean-Noel Barrot did not give a specific answer in an interview with Franceinfo radio.
He said France “is very committed to international justice and will apply international law based on its obligations to cooperate with the ICC.”
But he added that the court’s statute “deals with questions of immunity for certain leaders.”
“It is ultimately up to the judicial authorities to decide,” he added.
Unconfirmed media reports have said that Netanyahu angrily raised the issue in telephone talks with President Emmanuel Macron and urged Paris not to enforce the decision. France has been instrumental in efforts to end fighting in the Middle East and, with the US helped broker a ceasefire between Israel and Lebanon.
Article 27 of the Rome Statute — the foundation of the ICC — states that immunity “shall not bar the Court from exercising its jurisdiction over such a person.”
However, Article 98 says a state cannot “act inconsistently with its obligations under international law concerning the ... diplomatic immunity of a person.”
France’s stance on potential immunity for Netanyahu prompted some strong reactions at home and abroad. Amnesty International called the French stance “deeply problematic,” saying it ran counter to the government’s obligations as an ICC member.
“Rather than inferring that ICC indictees may enjoy immunity, France should expressly confirm its acceptance of the unequivocal legal duty under the Rome Statute to carry out arrest warrants,” said Anne Savinel Barras, president of Amnesty International France.
French Green party boss Marine Tondelier, calling the government’s stance “shameful,” said it was probably the result of an agreement between the French and Israeli leaders.
Jeddah Corniche Circuit hosts main trial sessions ahead of SAL Jeddah GT Race 2024
- European GT4 Series, supported by the R-Ace Club, began free practice sessions with 3 periods
- Circuit also hosted the first, second official trial sessions for Fanatec GT World Challenge Europe supported by AWS
JEDDAH: The Jeddah Corniche Circuit on Thursday hosted official trials for the SAL Jeddah GT Race 2024, dubbed the world’s fastest street circuit, taking place in Saudi Arabia for the first time on Nov. 29-30.
The European GT4 Series, supported by the R-Ace Club, began their free practice sessions with three periods: The first started at 1:00 p.m., the second at 4:00 p.m. and the third concluded at 7:00 p.m.
Each session lasted one hour in preparation for the two-day race, which is being organized by the Saudi Automobile and Motorcycle Federation and Motorsports Company, under the supervision of the Ministry of Sport.
The circuit also hosted the first and second official trial sessions for the Fanatec GT World Challenge Europe supported by AWS, a media statement said.
The first session began at 2:15 p.m., and the second followed at 5:15 p.m., with each lasting 90 minutes. The endurance race, known as the “six-hour race,” covers a distance of 1,000 km.
Bronze category trials for the Fanatec GT World Challenge Europe supported by AWS were launched at 8:45 p.m. and lasted one hour.
As the SAL Jeddah GT 2024 competitions start tomorrow, the qualifying trials for the European GT4 Series supported by the R-Ace Club will take place at 2:15 p.m. and last one hour.
The second trial session, lasting 45 minutes, will start at 6:00 p.m. and determine the starting positions for the first European GT4 Series race, which will begin at 10:00 p.m. and last one hour.
The fan zones include various entertainment areas, children’s zones, interactive games, virtual reality experiences and carnival-style games.
