Prosecutors add fraud charges to former Barclays executives accused in Qatar case

Former Barclays banker Roger Jenkins faces four charges over deals with Qatari investors during the global financial crisis. (Getty Images)
Updated 14 August 2019

Prosecutors add fraud charges to former Barclays executives accused in Qatar case

  • the UK’s Serious Fraud Office has included charges of actual fraud to the existing counts of conspiracy to defraud against the men

LONDON:  Three former top Barclays executives due to stand trial over the bank’s deals with Qatari investors during the financial crisis are to face additional fraud charges.

Bloomberg reported that the UK’s Serious Fraud Office has included charges of actual fraud to the existing counts of conspiracy to defraud against the men, according to a copy of the indictment released Thursday.

Roger Jenkins, the former Middle East chief, faces four charges. Tom Kalaris, who led the bank’s wealth division, and Richard Boath, the former head of Europe, will face two charges. 

The men, who will go on trial in October, all deny the charges.

The charges stem from the 2008 financial crisis when Barclays was looking for cash injections to avoid being nationalized.

The bank turned to Qatar for £4 billion of investments, but the  Serious Fraud Office alleges that Barclays did not properly disclose to the market £322 million worth of side deals with Qatari investors.

These included Qatar’s then prime minister Sheikh Hamad bin Jassim bin Jabr Al-Thani.

The man face up to 10 years in prison if convicted.


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.