Four former Barclays executives deny fraud charges ahead of trial

Kalyeena Makortoff
The former Barclays chief executive John Varley arrives at Southwark crown court on Monday. Photograph: Jack Taylor/Getty Images

Four former Barclays executives have appeared at Southwark crown court and pleaded not guilty to charges brought by the Serious Fraud Office (SFO) in relation to a £12bn rescue package secured by the bank at the height of the financial crisis.

The former chief executive John Varley, the ex-investment banking chief Roger Jenkins, the formerhead of Barclays’ wealth division Thomas Kalaris and the ex-European financial institutions head Richard Boath denied charges of conspiracy to commit fraud in relation to the 2008 capital raising.

Varley and Jenkins denied a second count of conspiracy to commit fraud by false representation in relation to the fundraising.

The cases relate to a £12bn rescue package provided by investors including Qatar Holdings in 2008, which helped Barclays avoid a government bailout during the banking crash.

The SFO’s investigation centred on a subsequent $3bn (£2.3bn) loan to state-owned Qatar Holdings, which was allegedly used to buy Barclays shares in what the SFO has said amounted to unlawful financial assistance.

Varley, 62, of west London, Jenkins, 63, of Malibu, California, Boath, 60, of Henley-on-Thames, Oxfordshire, and Kalaris, 63, of south-west London, will go on trial next week at Southwark crown court in London. The trial is expected to last for about four months.