Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Barclays Plc    BARC   GB0031348658

BARCLAYS PLC

(BARC)
  Report
Real-time Estimate Quote. Real-time Estimate CHI-X - 07/09 11:30:00 am
112.11 GBX   -2.00%
09:06aEnergy industry veterans to launch hydrogen investment fund
RE
07:55aDAVID HENRY : Trading, underwriting soften profit plunge for some U.S. banks
RE
02:52aUNIPER : Barclays gives a Sell rating
MD
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsPress ReleasesOfficial PublicationsSector newsMarketScreener StrategiesAnalyst Recommendations

Former Barclays executive felt sick over 2008 Qatar deal, court hears

share with twitter share with LinkedIn share with facebook
03/06/2019 | 12:55pm EDT
FILE PHOTO: Former Barclays banker Richard Boath arrives at Southwark Crown Court in London

(Editor's note: paragraph 2 contains language that readers may find offensive)

By Kirstin Ridley

Richard Boath, in the dock at Southwark Crown Court with former Barclays CEO John Varley and former senior colleagues Roger Jenkins and Tom Kalaris, told investigators in 2016 he also thought Qatar should have been told to "fuck off" when it demanded additional fees when helping bail the bank out.

The four men are charged with conspiracy to commit fraud by false representation over how they secured a two-part, 11 billion pound-plus capital raising as the bank scrambled to avoid a state bailout during the financial crisis.

The Serious Fraud Office (SFO), which is prosecuting the case, alleges the defendants misled shareholders and other investors by not disclosing that Barclays paid an extra 322 million pounds to Qatar through advisory service agreements (ASAs), which the SFO says were not genuine.

The men deny wrongdoing.

Extracts of transcripts of telephone conversations and emails were read out and shown to the court by the prosecution on Wednesday.

Former in-house Barclays lawyer Judith Shepherd told Boath on June 18, 2008, that the bank had to show it had received valuable services from Qatar in return for the ASA - or risk other investors, the market regulator and criminal authorities viewing them as disguised commissions for the capital raising.

"I'm already feeling sick. There's no need to use all those words to make me feel sicker," Boath responded in the telephone call, according to one transcript.

Eight years later, Boath told SFO investigators that although he had not liked the Qatar deal, it had been negotiated by his seniors, approved by lawyers and that he thought the bank believed it would get value for the money.

"The lawyers persuaded themselves that even though they knew that the ASA in June was a consequence, a response to the request from the Qataris for additional fees, it didn't matter as long as we got value for services," Boath, the bank's former head of European financial institutions group, told the SFO, according to interview transcripts read out to court.

Boath said that Jenkins, who was negotiating with the Gulf state, had "real heft" in Qatar and was a "big deal down there". "I believed Roger would get his pound of flesh," he said, according to the transcripts.

"I don't think (former finance director) Chris Lucas or John Varley would ever have signed off on it if they thought that they were not going to get value for their services," he added in a recorded interview that was played to the court.

Asked by the SFO investigator if the ASA in June 2008 was a disguised commission, Boath replied: "No. The advisory service agreement was put in place by Barclays in exchange for services that they expected Roger to get value for."

"Judith goes on to say: 'Well, Big Dog will be in the dock first'," the SFO investigator noted in the 2016 interview.

"Yeah, that's Roger, by the way," Boath said in the recorded SFO interview.

Lucas has not been charged because he is too unwell to stand trial, the jury has been told. Shepherd, the Barclays lawyer, and Qatar have not been accused of any wrongdoing.

(Reporting by Kirstin Ridley. Editing by Jane Merriman)

Stocks mentioned in the article
ChangeLast1st jan.
BARCLAYS PLC -2.13% 111.96 Delayed Quote.-37.68%
BYD COMPANY LIMITED 0.81% 74.6 End-of-day quote.92.02%
DEERE & COMPANY -0.46% 157.65 Delayed Quote.-8.59%
JUST GROUP PLC 0.38% 47.98 Delayed Quote.-39.27%
WILL GROUP, INC. -2.16% 634 End-of-day quote.-49.36%
share with twitter share with LinkedIn share with facebook
Latest news on BARCLAYS PLC
09:06aEnergy industry veterans to launch hydrogen investment fund
RE
07:55aDAVID HENRY : Trading, underwriting soften profit plunge for some U.S. banks
RE
02:52aUNIPER : Barclays gives a Sell rating
MD
02:15aFORTUM OYJ : Gets a Buy rating from Barclays
MD
07/08BARCLAYS : Launches 65th Edition of the Equity Gilt Study
BU
07/08BAT : Barclays reaffirms its Buy rating
MD
07/08RIO TINTO : Barclays reaffirms its Sell rating
MD
07/08Barclays says Italy's debt burden sustainable, likely to remain high
RE
07/07BARCLAYS : Announces Changes to the Quarterly Composition of the CIBC Atlas Sele..
BU
07/07BAYER AG : Gets a Buy rating from Barclays
MD
More news
Financials
Sales 2020 21 261 M 26 792 M 26 792 M
Net income 2020 705 M 889 M 889 M
Net Debt 2020 - - -
P/E ratio 2020 30,4x
Yield 2020 1,79%
Capitalization 19 413 M 24 489 M 24 463 M
EV / Sales 2019
Capi. / Sales 2020 0,91x
Nbr of Employees 80 800
Free-Float 99,6%
Chart BARCLAYS PLC
Duration : Period :
Barclays Plc Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends BARCLAYS PLC
Short TermMid-TermLong Term
TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 143,77 GBX
Last Close Price 111,96 GBX
Spread / Highest target 110%
Spread / Average Target 28,4%
Spread / Lowest Target -34,8%
EPS Revisions
Managers
NameTitle
James Edward Staley Group Chief Executive Officer & Director
Nigel Paul Higgins Group Chairman
Mark Ashton Rigby Group Chief Operating Officer
Tushar Morzaria Group Finance Director & Executive Director
Timothy James Breedon Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
BARCLAYS PLC-37.68%24 950
JPMORGAN CHASE & CO.-33.07%284 243
INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED-15.17%268 029
CHINA CONSTRUCTION BANK CORPORATION-3.27%213 714
BANK OF AMERICA CORPORATION-35.35%200 407
BANK OF CHINA LIMITED-14.41%146 034