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
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Pakistan, UAE logistics firm finalize freight corridor project
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- Project will run 50 km from Karachi Port in Pakistan’s most populous city to the Pipri marshalling yard
- Aim is to decongest Karachi, improve road safety, increase efficiency, reduce transport times and costs
ISLAMABAD: Pakistani officials and Dubai-based logistics giant DP World have finalized terms for a freight corridor project from Karachi Port to the Pipri Marshalling yard in southern Pakistan, state media reported on Monday.
The Karachi Freight Corridor is an infrastructure project in Pakistan aimed at improving the movement of freight from the port city of Karachi, Pakistan’s largest, to various parts of the country. The project involves the construction of a dedicated double-track corridor and other related facilities that will run 50 km from Karachi port to the Pipri Marshalling yard.
“A high-level delegation of Dubai-based logistics firm DP World led by Sultan Ahmed Bin Sulayem visited Pakistan through the SIFC [Special Investment Facilitation Council] platform to finalize various commercial aspects of the freight corridor project from Karachi Port to Pipri,” state news channel PTV said.
“A mutually agreed-upon term sheet was signed between DP World and the relevant parties for the project’s implementation.
“This project will reduce the movement of freight vehicles in the Karachi metropolis through improved railway Infrastructure, aimed at advancing freight services within the country in a highly efficient and cost-effective manner.”
Pakistan and the UAE last year signed two inter-governmental framework agreements to establish a dedicated rail freight corridor and economic zone near Karachi.
The agreements cover plans for over $3 billion investments in railways, economic zones and infrastructure. DP World will act on behalf of Dubai, while the Pakistan Railways and Port Qasim Authority will act on behalf of Pakistan.
The aim is to decongest Karachi, improve road safety, increase efficiency and reduce transport times and costs.
A second framework agreement covers dredging of the navigation channel and the development of an economic zone at Port Qasim.
Pakistan sees the signing of the investment framework agreements as a step toward the South Asian nation becoming a gateway to Asia and reaping the commercial dividends associated with its strategic location.
Last month, Pakistan’s National Logistics Corporation (NLC) and DP World said they would begin a shipping service between Karachi and Dubai from January.
Pakistan and Saudi Arabia sign Hajj 2025 agreement in Jeddah
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- As per agreement, 179,210 Pakistanis will perform Hajj pilgrimage this year
- Pakistan’s religion minister is in Kingdom to attend four-day Hajj conference
ISLAMABAD: Pakistan and Saudi Arabia have signed the Hajj agreement 2025, the spokesperson of Pakistan’s religion ministry said on Monday, according to which 179,210 pilgrims from the South Asian country would be able to perform the annual pilgrimage this year.
The agreement was signed by Pakistan’s Religious Affairs Minister Chaudhry Salik Hussain and Saudi Minister of Hajj and Umra Dr. Tawfiq bin Fawzan Al-Rabi’ah in Jeddah. Hussain arrived in the Kingdom on Sunday for a three-day visit to attend the Global Hajj and Umrah Conference and Expo in Jeddah.
“As per the agreement, 179,210 Pakistanis will perform the Hajj this year,” the religious affairs ministry’s spokesperson said, according to Pakistan’s Press Information Department (PID). “It has been agreed to provide Pakistani Hajj pilgrims the best possible facilities.”
The spokesperson said Pakistani Hajj pilgrims will be provided a special place in Mina where the rates will be low, the spokesperson said.
“A shortened Hajj program of 20 to 25 days has been introduced to make the Hajj journey more accessible, easy and comfortable,” he said, adding that pilgrims will have the option to spend four to eight days in Madinah during the Hajj.
He said every Pakistani pilgrim will receive a specially designed bag containing the Pakistani flag, QR code for identification and information relevant to the Hajj.
The spokesperson said Hussain will participate in the four-day Hajj conference, adding that more agreements will also be signed with institutions and companies responsible for providing facilities to pilgrims.
Pakistan’s quota of 179,210 Hajj pilgrims for Pakistan in 2025 will be 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 Feb. 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 [$785.41], down from last year’s Rs 234,000 [$835.39].
Pakistan International Airlines, Saudi Airlines, and private carriers have agreed to transport pilgrims this year.
Afghanistan name Champions Trophy squad amid boycott calls
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- Afghanistan have recalled fit-again Ibrahim Zadran in their 15-man Champions Trophy squad
- There are calls to boycott Afghanistan matches due to Taliban crackdown on women’s rights
Afghanistan have recalled fit-again Ibrahim Zadran in their 15-man Champions Trophy squad, amid ongoing calls for teams to boycott matches against them due to the Taliban government’s crackdown on women’s rights since returning to power in 2021.
Afghan opener Zadran has recovered from ankle surgery to make the squad but team management decided against rushing Mujeeb Ur Rehman back into 50-overs cricket after the spinner sprained his hand last year.
Fellow spinner AM Ghaznafar has been drafted in as a like-for-like replacement for Mujeeb.
Afghanistan have brought in former Pakistan captain Younis Khan to mentor the side in what will mark their first appearance in the tournament featuring the top eight One-Day International teams in the world.
“Afghanistan have performed exceptionally well in the past two ICC events,” chairman of the Afghanistan Cricket Board Mirwais Ashraf said in a statement on Sunday.
“Their impressive performances in these two event coupled with their ODI series victories last year will undoubtedly boost their morale and help them deliver an even better campaign this time.”
The Hashmatullah Shahidi-led side may be faced with some off-field distractions in Pakistan with Group B rivals England and South Africa being urged to boycott their matches.
Both the ECB and Cricket South Africa have ruled out boycotts against Afghanistan in multi-team competitions organized by the governing International Cricket Council (ICC).
They would rather follow a unified and collective approach from all ICC members, the boards said.
Afghanistan begin their campaign against South Africa in Karachi on Feb. 21.
Afghanistan squad: Hashmatullah Shahidi (captain), Rahmat Shah, Rahmanullah Gurbaz (wicketkeeper), Ikram Alikhil (wicketkeeper), Ibrahim Zadran, Sediqullah Atal, Azmatullah Omarzai, Mohammad Nabi, Gulbadin Naib, Rashid Khan, AM Ghazanfar, Noor Ahmad, Fazal Haq Farooqi, Naveed Zadran, Farid Ahmad Malik
Rescuers in Pakistan recover bodies of 11 workers killed in coal mine blast
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- Miners died last week after a methane gas explosion caused a coal mine to collapse in Balochistan province
- Safety standards are commonly ignored in coal mining industry in Pakistan, leading to accidents and explosions
ISLAMABAD: Rescuers recovered the bodies of 11 coal miners who died last week after a methane gas explosion caused a coal mine to collapse in southwestern Pakistan, officials said Monday.
An operation is still underway to find a 12th worker who has been missing since Thursday when the mine collapsed in Singidi city in Balochistan province, said Abdul Ghani, a mines inspector.
Two more coal miners were killed on Sunday when another mine collapsed in Harnai, a district in Balochistan, he said.
Safety standards are commonly ignored in the coal mining industry in Pakistan, leading to accidents and explosions that kill dozens of mine workers every year. Miners often complain that owners fail to install safety equipment.
Last week, Pakistani security forces also rescued at least eight of 16 mine workers who had been kidnapped by local militants in the restive northwest, and an operation is still underway to rescue the remaining miners.
What to know about the latest effort to bring an end to Turkiye’s 40-year Kurdish conflict
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- The objective evolved into a campaign for autonomy and rights for Kurds within Turkiye
ANKARA: Talks between politicians from Turkiye’s pro-Kurdish party and jailed Kurdish leaders have been gathering steam as they try to end 40 years of fighting between the state and the Kurdistan Workers’ Party, or PKK.
The latest peace effort comes at a time of heightened instability and fundamental changes reshaping the region. These include the ongoing Israel-Hamas war in Gaza, the weakening of the Hezbollah militant movement in Lebanon, and the reconfiguration of power in Syria after the toppling of President Bashar Assad.
The cautious process was initiated in October by Devlet Bahceli, a firebrand ultranationalist who has usually opposed any concessions to Kurdish identity or rights.
Since then, the fall of Assad in a lightning rebel offensive has triggered intensified fighting between Turkish-backed and Kurdish groups in northern Syria.
The Kurdish-led Syrian Democratic Forces, who have controlled northeast Syria for the past decade, are under attack from the Syrian National Army, an umbrella of militias fighting on behalf of Turkiye, which regards the SDF as an extension of the PKK and wants to neutralize it as an independent fighting force.
Recently, senior members of the Peoples’ Equality and Democracy Party, or DEM, met jailed PKK leader Abdullah Ocalan and Selahattin Demirtas, another imprisoned figurehead of the Kurdish movement. They have also met with the leaders of other political parties to explain their discussions.
What is the PKK?
The Kurdistan Workers’ Party, or PKK, has waged an armed insurgency against Turkiye since 1984, initially with the aim of establishing a Kurdish state in the southeast of the country. Over time, the objective evolved into a campaign for autonomy and rights for Kurds within Turkiye.
The conflict between militants and state forces, which has spread beyond Turkiye’s borders into Iraq and Syria, has killed tens of thousands of people. The PKK is considered to be a terror group by Turkiye, the United States and the European Union.
Who is Ocalan?
Abdullah Ocalan, who as a student of political science in Ankara became deeply involved in leftist movements, formed the PKK in 1978 as a Marxist organization. He fled to Syria in 1979, along with other PKK members, where he remained until 1998, when Syria expelled him under intense pressure from Turkiye.
Ocalan was captured in Kenya in 1999 and imprisoned on Imrali island in the Sea of Marmara, where he remains to this day. His death sentence for treason was commuted to a life term in prison after Turkiye abolished the death penalty.
The 75-year-old endures as a symbol for Kurdish independence and rights and continues to wield influence over the Kurdish movement, with past messages relayed through family members or lawyers resonating beyond Turkiye, in Iraq and Syria.
In a message relayed by his nephew in December, Ocalan said he has the power to end the conflict if the conditions are right.
Renewed effort for peace
In October, Bahceli, a close ally of President Recep Tayyip Erdogan, suggested Ocalan could be granted parole if he renounces violence and disbands the PKK. It was a major shift for the hard-line politician who had previously strongly supported the state’s military action against the militant group and its affiliates in neighboring Syria and rejected any notion of negotiation.
Erdogan appears to have endorsed Bahceli’s stance.
There is a mixed reaction among politicians and analysts to suggestions of a new peace effort. Some describe it it as a historic opportunity, while others strongly oppose any notion of leniency toward Ocalan or the PKK.
A recent attack on Turkiye’s key aerospace company outside of Ankara that killed several people was claimed by the PKK, complicating the debate.
Past peace efforts
There have been several peace efforts between the Turkish state and the PKK over the years, including secret negotiations held in Oslo, Norway from 2009 until 2011. However, none have yielded results.
The last attempt to reach a peace deal took place between 2013 and 2015 with a series of talks between Turkish officials and Ocalan, who declared a ceasefire and withdrew fighters to bases in northern Iraq.
Turkish officials took steps to improve Kurdish rights, including allowing Kurdish-language broadcasts. The process collapsed in July 2015, after a series of violent attacks, including one by the Daesh group that killed 33 pro-Kurdish activists.
Since then, Turkiye has cracked down on its pro-Kurdish movement and has jailed thousands of people, including the former leader of the main pro-Kurdish political party, Selahattin Demirtas, over alleged links to the PKK.
Why now?
The latest peace effort comes at a time when Turkiye and the Kurds are both seeking security to face the challenges in the Middle East.
However, some believe the main aim of the reconciliation effort is for Erdogan’s government to garner Kurdish support for a new constitution that would allow him to remain in power beyond 2028, when his term ends.
Bahceli has openly called for a new constitution, saying it was essential to keep Erdogan in power for Turkiye’s future. Erdogan and Bahceli are reportedly seeking parliamentary support from the DEM.