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.


Saudi Arabia strengthens position as world’s largest Islamic finance market

Updated 12 min 57 sec ago

Saudi Arabia strengthens position as world’s largest Islamic finance market

  • Moody’s anticipates a shift to more Shariah-compliant finance over the next 12-18 months as corporates and households increasingly use Islamic products
  • VP-Senior Analyst at Moody’s Ashraf Madani: A comprehensive set of Islamic finance regulations have spurred Saudi banks to issue sukuk

LONDON: Islamic financing in Saudi Arabia will reach around 80 percent of system-wide loans in the next 12-18 months according to a report from Moody’s.
That compares to 78 percent of loans in the Kingdom in 2019 and 70 percent in 2013, the credit ratings agency said in a report on Tuesday.
Moody’s anticipates a shift to more Shariah-compliant finance over the next 12-18 months as corporates and households increasingly use Islamic products, even as low oil prices and the coronavirus crisis cause economic challenges.
Saudi Arabia had total Islamic finance assets of $339 billion as of March 2020, leaving Malaysia in a distant second  place with $145 billion.
“A comprehensive set of Islamic finance regulations have spurred Saudi banks to issue sukuk, Islamic products are now listed on the main market, and an Islamic mortgage refinancing businesshas been established,” said Ashraf Madani, VP-Senior Analyst at Moody’s.
The industry will further benefit from increased government sukuk issuance, potentially rising foreign investment supported by more lenient entry rules and deepening capital markets, Moody’s said.
A wave of mergers and acquisitions across the region is also accelerating the penetration of Islamic finance.