UK presses fraud charges against Barclays over Qatar loan

Barclays PLC and four of its former bosses will face trial in 2019 on allegations over the Qatari fundraising. (AFP)
Updated 12 February 2018

UK presses fraud charges against Barclays over Qatar loan

LONDON: Britain’s Serious Fraud Office on Monday charged a unit of Barclays over alleged fraud linked to emergency fundraising from Qatar during the financial crisis a decade ago, the bank said.
The announcement follows a decision by the SFO in June last year to charge Barclays PLC, or the unit’s parent group, over the same alleged offense.
“The SFO has today charged Barclays Bank PLC with the same offense in respect of the loan as charged against Barclays PLC on 20 June 2017,” a statement from the bank said on Monday.
Barclays PLC and four of its former bosses will face trial in 2019 on allegations over the Qatari fundraising, it had already been announced.
Barclays former chief executive John Varley and ex-executives Roger Jenkins, Thomas Kalaris, and Richard Boath have all been charged with conspiracy to commit fraud over a June 2008 bid to raise capital.
Barclays PLC, Varley and Jenkins have also been charged with providing unlawful assistance over allegations linked to an October 2008 fundraising.
It will be the first time that a British bank has faced a criminal trial over its conduct during the financial crisis.


Investors, scientists urge IEA to take bolder climate stance

Updated 30 May 2020

Investors, scientists urge IEA to take bolder climate stance

  • The energy agency’s head is under pressure to align its policies with the 2015 Paris accord goals

LONDON: Fatih Birol, the head of the International Energy Agency (IEA), faced renewed calls to take a bolder stance on climate change on Friday from investors concerned the organization’s reports enable damaging levels of investment in fossil fuels.

In an open letter, investor groups said an IEA report on options for green economic recoveries from the coronavirus pandemic, due out in June, should be aligned with the 2015 Paris accord goal of capping the rise in global temperatures at 1.5C.

The more than 60 signatories included the Institutional Investors Group on Climate Change, whose members have €30 trillion ($33.42 trillion) of assets under management, scientists and advocacy group Oil Change International.

“Bold, not incremental, action is required,” the letter said.

The Paris-based IEA said it appreciated feedback and would bear the letter’s suggestions in mind. It also said it had been recognized for leading calls on governments to put clean energy at the heart of their economic stimulus packages.

“We have backed up that call with a wide range of analysis, policy recommendations and high-level events with government ministers, CEOs, leading investors and thought leaders,” the IEA said.

Birol has faced mounting pressure in the past year from critics who say oil, gas and coal companies use the IEA’s flagship World Energy Outlook (WEO) annual report to justify further investment — undermining the Paris goals.

Birol has dismissed the criticism, saying the WEO helps governments understand the potential climate implications of their energy policies, and downplaying its influence on investment decisions.

FASTFACT

1.5°C

The 2015 Paris accord aims to cap the rise in global temperatures at 1.5C.

But campaigners want Birol to overhaul the WEO to chart a more reliable 1.5C path. The world is on track for more than double that level of heating, which would render the planet increasingly uninhabitable, scientists say.

The joint letter followed similar demands last year, and was published by Mission 2020, an initiative backed by former UN climate chief Christiana Figueres.