THREE senior Barclays executives lied to disguise £322million in fees for two ‘very large’ investments from Qatar at the height of the financial crisis, a court has heard.
Roger Jenkins, Thomas Kalaris and Richard Boath allegedly plotted to commit fraud by false representation in 2008.
Opening their Old Bailey trial yesterday, prosecutor Edward Brown QC said the defendants agreed that lies should be told to the market to ensure that vital Qatari investments into Barclays were secured — helping it avoid the government bailout fate of rivals such as Royal Bank of Scotland.
They disguised commission paid to Qatar as payments for separate, commercially valuable, genuine ‘Advisory Services Agreements’, he said.
‘In this case, the price agreed and then paid to Qatar for investing was considerably higher than that paid to other investors in Barclays.
‘They acted dishonestly in order to preserve the future of the bank and to preserve their own positions.’
Jenkins, 64, of Malibu, in California, Kalaris, 63, of west London, and Boath, 60, of Henley-on-Thames, Oxfordshire, all deny fraud and conspiring to commit fraud.
The trial continues.