Britain charges Barclays, ex-bosses over ‘unlawful’ Qatari deal

(FILES) This file photo taken on July 03, 2012 shows Barclays bank headquarters in Canary Wharf in east London. Britain's Serious Fraud Office said on June 20, 2017, it had charged Barclays bank and four former managers, including a chief executive, with "conspiracy to commit fraud" linked to emergency fundraising from Qatar during the financial crisis. (AFP)
Updated 21 June 2017
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Britain charges Barclays, ex-bosses over ‘unlawful’ Qatari deal

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.


Canada sues Google over alleged anticompetitive practices in online ads

Updated 17 min 36 sec ago
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Canada sues Google over alleged anticompetitive practices in online ads

  • The Competition Bureau is asking a tribunal to order Google to sell its ad tech tools, which it uses "unlawfully" to maintain its dominant market position
  • Google maintains the online advertising market is a highly competitive sector and that it intends to defend itself against the allegation

TORONTO: Canada’s antitrust watchdog said Thursday it is suing Google over alleged anticompetitive conduct in the tech giant’s online advertising business and wants the company to sell off two of its ad tech services and pay a penalty.
The Competition Bureau said that such action is necessary because an investigation into Google found that the company “unlawfully” tied together its ad tech tools to maintain its dominant market position.
The matter is now headed for the Competition Tribunal, a quasi-judicial body that hears cases brought forward by the competition commissioner about non-compliance with the Competition Act.
The bureau is asking the tribunal to order Google to sell its publisher ad server, DoubleClick for Publishers, and its ad exchange, AdX. It estimates Google holds a market share of 90 percent in publisher ad servers, 70 percent in advertiser networks, 60 percent in demand-side platforms and 50 percent in ad exchanges.
This dominance, the bureau said, has discouraged competition from rivals, inhibited innovation, inflated advertising costs and reduced publisher revenues.
“Google has abused its dominant position in online advertising in Canada by engaging in conduct that locks market participants into using its own ad tech tools, excluding competitors, and distorting the competitive process,” Matthew Boswell, Commissioner of Competition, said in a statement.
Google, however, maintains the online advertising market is a highly competitive sector.
Dan Taylor, Google’s vice president of global ads, said in a statement that the bureau’s complaint “ignores the intense competition where ad buyers and sellers have plenty of choice.”
The statement added that Google intends to defend itself against the allegation.
US regulators want a federal judge to break up Google to prevent the company from continuing to squash competition through its dominant search engine after a court found it had maintained an abusive monopoly over the past decade.
The proposed breakup, floated in a 23-page document filed this month by the US Department of Justice, calls for sweeping punishments that would include a sale of Google’s industry-leading Chrome web browser and impose restrictions to prevent Android from favoring its own search engine.


Protesters clash with police in Georgia over government’s EU application delay

Updated 35 min 9 sec ago
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Protesters clash with police in Georgia over government’s EU application delay

  • Government suspends EU accession talks until 2028
  • Georgian Dream has deepened ties with Russia amid EU tensions

TBILISI: Police clashed with protesters in the Georgian capital Tbilisi early on Friday, after the country’s ruling party said the government would suspend talks on European Union accession and refuse budgetary grants until 2028.
The country’s interior ministry said three police officers were injured.
Police ordered protesters to disperse, fired water cannon and deployed pepper spray and tear gas as masked young people tried to smash their way into the parliament. Some protesters tossed fireworks at police while shouting “Russians” and “Slaves!“
Georgia’s relations with the EU have deteriorated sharply in recent months as Brussels has alleged that the government had resorted to authoritarian measures and adopted pro-Russian stands.
Thousands of pro-EU protesters had blocked streets in the capital before the altercations began. The country’s figurehead president accused the government of declaring “war” on its own people and confronted riot police, asking whether they served Georgia or Russia.
The Georgian Dream governing bloc accused the EU of “a cascade of insults,” saying in a statement it was using the prospect of accession talks to “blackmail” the country, and to “organize a revolution in the country.”
As a result, it said: “We have decided not to put the issue of opening negotiations with the European Union on the agenda until the end of 2028. Also, we refuse any budgetary grant from the European Union until the end of 2028.”
The South Caucasus country of 3.7 million has the aim of EU accession written into its constitution and has long been among the most pro-Western of the Soviet Union’s successor states.
With months of downturn in relations between Tbilisi and Brussels, the EU had already said that Georgia’s application for membership was frozen.
Georgian Dream says it is not pro-Russian, and that it is committed to democracy and integration with the West.
It says it still wants to join the EU eventually, but has repeatedly engaged in diplomatic feuds with Brussels in recent years, whilst deepening ties with neighboring Russia.
There was no immediate formal comment from the EU on Georgian Dream’s statement. But an EU official said the impact of Thursday’s move was huge, adding the government was doing what the EU had feared and had hoped it would not.
Opinion polls show that around 80 percent of Georgians support EU membership, and the bloc’s flag flies alongside the national flag outside virtually all government buildings in the country.
The pro-Western opposition reacted to Georgian Dream’s announcement with fury as protesters massed. Local media reported that protests that erupted in provincial cities.

’WAR’ AGAINST PEOPLE
Giorgi Vashadze, a prominent opposition leader, wrote on Facebook: “the self-proclaimed, illegitimate government has already legally signed the betrayal of Georgia and the Georgian people.”
President Salome Zourabichvili, a pro-EU critic of Georgian Dream whose powers are mostly ceremonial, said the ruling party had “declared not peace, but war against its own people, its past and future.”
Zourabichvili’s term ends in December, and Georgian Dream has nominated a former lawmaker with hard-line anti-Western views to replace her.
The opposition says that an October election, in which official results gave the Georgian Dream bloc almost 54 percent of the vote, was fraudulent and have refused to take their seats. Western countries demand a probe into irregularities.
Both Georgian Dream and the country’s election commission say the election was free and fair.
Earlier on Thursday, Georgian Prime Minister Irakli Kobakhidze told journalists that EU membership might harm Georgia’s economy, as it would require Tbilisi to cancel visa-free agreements and trade deals with other countries.
The EU gave Georgia candidate status in December 2023, but has said that a raft of laws passed since by Georgian Dream, including curbs on “foreign agents” and LGBT rights, are authoritarian, Russian-inspired, and obstacles to EU membership.
Foreign and domestic critics of Georgian Dream say the party, which is seen as dominated by its billionaire founder, ex-prime minister Bidzina Ivanishvili, is steering Georgia back toward Moscow, from which it gained independence in 1991.
Russia and Georgia have had no formal diplomatic relations since Moscow won a brief 2008 war, but have had a limited rapprochement recently.
Opinion polls show most Georgians dislike Russia, which continues to back two breakaway Georgian regions.
Russian President Vladimir Putin, speaking during a visit to Kazakhstan, praised the “courage and character” he said Georgian authorities had shown in passing the law on foreign agents, which domestic critics have likened to Russian legislation. (Reporting by Felix Light Additional reporting by Lili Bayer in Brussels Editing by Mark Trevelyan, Andrew Osborn, William Maclean, Frances Kerry and Ron Popeski)


Russian air defenses destroy, down 30 Ukrainian drones in Rostov region

Updated 34 min 4 sec ago
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Russian air defenses destroy, down 30 Ukrainian drones in Rostov region

Russian air defenses destroyed or downed 30 Ukrainian drones in southern Rostov region early on Friday, Regional Governor Yuri Slyusar said.
Slyusar, writing on the Telegram messaging app, said some private homes in two villages had sustained some damage, but there were no casualties.


For the first time, Macron calls 1944 killings of West African troops by French army as massacre

Updated 29 November 2024
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For the first time, Macron calls 1944 killings of West African troops by French army as massacre

  • Up to 400 West African soldiers who fought for the French Army in the Battle of France in 1940 were massacred on Dec. 1, 1944 by French soldiers over a dispute on unpaid wages
  • Macron recognized the criminal act in a letter to Senegal's President Faye, at a time when France’s influence is declining in the region, with Paris losing its sway in the former French colonies in West Africa

DAKAR, Senegal: French President Emmanuel Macron on Thursday for the first time recognized the killing of West African soldiers by the French Army in 1944 as a massacre in a letter addressed to the Senegalese authorities.
Macron’s move, on the eve of the 80th anniversary of the World War II killings in Thiaroye — a fishing village on the outskirts of the Senegalese capital of Dakar — comes as France’s influence is declining in the region, with Paris losing its sway in the former French colonies in West Africa.
Between 35 and 400 West African soldiers who fought for the French Army in the Battle of France in 1940 were killed on Dec. 1, 1944 by French soldiers after what the French described as a mutiny over unpaid wages.
The West Africans were members of the unit called Tirailleurs Senegalais, a corps of colonial infantry in the French Army. According to historians, there were disputes over unpaid wages in the days before the massacre but on that Dec. 1, French troops rounded up the West African soldiers, mostly unarmed, and shot and killed them.
Senegalese President Bassirou Diomaye Faye said he received the letter, which was seen by The Associated Pres.
Speaking to reporters late on Thursday, Faye said Macron’s step should “open the door” so that the “whole truth about this painful event of Thiaroye” can finally come out.
“We have long sought closure on this story and we believe that, this time, France’s commitment will be full, frank and collaborative,” he added.
“France must recognize that on that day, the confrontation between soldiers and riflemen who demanded their full legitimate wages be paid, triggered a chain of events that resulted in a massacre,” read Macron’s letter.
“It is also important to establish, as far as possible, the causes and facts that led to this tragedy,” Macron added. “I have asked my services to inform me of the progress of the work of the Committee for the Restoration of the Facts, which your government has decided to set up, under the direction of Professor Mamadou Diouf, whose eminence and qualities are recognized by all.”
The letter comes weeks after the Senegalese legislative elections, in which the ruling party PASTEF secured a definite majority. The win granted newly elected President Faye a clear mandate to carry out ambitious reforms promised during the campaign, which include more economic independence from foreign companies, including French ones, which are heavily invested in the country.
France still has around 350 troops in its former colony, mainly in a supportive role. Asked about the presence of French forces, Faye alluded that it would not be something the Senegalese would want.
“Historically, France enslaved, colonized and stayed here,” he said. “Obviously, I think that when you reverse the roles a little, you will have a hard time conceiving that another army, China, Russia, Senegal, or any other country could have a military base in France.”
 


Where We Are Going Today: Maritime

Updated 29 November 2024
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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.