Barclays banker made Qatar PM wait – so as not to look desperate, court hears

Former Barclays banker Roger Jenkins is one of four defendants charged over deals with Qatari investors during the global financial crisis. (Getty Images)
Updated 08 February 2019
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Barclays banker made Qatar PM wait – so as not to look desperate, court hears

  • Four plead not guilty in first UK trial of senior bankers linked to the 2008 global financial crisis
  • Roger Jenkins and three other former Barclays executives are charged with conspiring to defraud investors by not disclosing £322 million in secret fees that were paid to the Qataris

LONDON: A former Barclays banker said he pretended to be busy to avoid appearing panicked while negotiating a £2 billion ($2.6 billion) investment from Qatar during the 2008 financial crisis that saved the bank from a government bailout.

Roger Jenkins, the one-time chairman of the Middle Eastern banking unit, Tom Kalaris, a former wealth division CEO and Richard Boath, ex-European divisional head, are charged with conspiracy to commit fraud. Barclays received £12 billion in emergency funds from mainly Gulf investors during the 2008 crisis.
Jenkins, the head of Barclays Middle East, made Qatar’s then-prime minister wait during a June 2008 meeting so he would not look desperate, according to a phone call played for London jurors at a fraud trial, Bloomberg reported.
The banker told Sheikh Hamad bin Jassim Al-Thani that he would have to leave Qatar’s capital for other meetings.

 

He and three other former Barclays executives are charged with conspiring to defraud investors by not disclosing £322 million in secret fees that were paid to the Qataris, and Sheikh Hamad, as part of the investment that saved the bank from nationalization, the newswire reported.
“I pretended that I had to go back to Dubai for meetings so that I didn’t sleep overnight waiting for the prime minister in Doha,” Jenkins said during a recorded telephone call with Boath.
“And then I turned up an hour late and told him I was caught up in a documents meeting. I had to pretend like I’m so busy.”
The trial began last month, and is expected to last between four and six months.
It is the first UK trial of senior bankers connected with the financial crisis.
The defendants have all pleaded innocent.
If found guilty, they could face up to 10 years in jail.

FASTFACTS

Barclays received £12 billion in emergency funds from mainly Gulf investors during the 2008 crisis.


Saudi Aramco, Mcdermott sign deal for new oil services facility

Updated 7 min 40 sec ago
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Saudi Aramco, Mcdermott sign deal for new oil services facility

  • Aramco signed the lease with McDermott Arabia, a subsidiary of McDermott International Inc

CAIRO: Saudi Aramco signed a land lease agreement with McDermott Arabia Company on Tuesday to establish an engineering, procurement, construction, and installation facility in the King Salman International Complex for Maritime Industries in Ras Al-Khair, Saudi Arabia. 

A joint press release said that Aramco signed the lease with McDermott Arabia, a subsidiary of McDermott International Inc, to establish a fabrication facility that will be used for large scale fabrication of offshore platforms and onshore/offshore modules. 

Saudi Aramco Senior Vice President of Technical Services, Ahmad Al Sa’adi said the facility would serve as a major engineering, procurement, construction, and installation hub not only the Kingdom, but for the GCC region.