Former Barclays executives cleared of fraud charges

Roger Jenkins, Richard Boath and Thomas Kalaris were today acquitted of fraud in the UK’s first trial of bank executives for misconduct during the 2008 financial crisis.

The three men were charged with conspiracy to commit fraud in relation to allegedly misleading investors and the markets over capital raising arrangements agreed with Qatar Holding LLC and Challenger Universal Ltd in June and October 2008.

Charges against Barclays and Barclays Bank in relation to the 2008 capital raisings were dismissed by the Crown Court in May 2018.

The High Court rejected the SFO’s application to re-instate them in October later that year and also refused permission to appeal to the Supreme Court.

The case against John Varley, former CEO of Barclays, was dismissed in April 2019.

A spokesperson from the Serious Fraud Office said: “Our prosecution decisions are always based on the evidence that is available, and we are determined to bring perpetrators of serious financial crime to justice. Wherever our evidential and public interest tests are met, we will always endeavour to bring this before a court.”