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 finance minister reassures public on taxes

Updated 10 December 2019

Saudi finance minister reassures public on taxes

  • Mohammed Al-Jadaan: There will be no more fees and taxes until after the financial, economic and social impacts have been considered carefully
  • The government expects to generate about SR203 billion in taxes this year – more than 20.5 percent higher than the previous year

RIYADH: Saudi finance minister Mohammed Al-Jadaan pledged that there would be no more taxes or fees introduced in the Kingdom until the social and economic impact of such a move had been fully reviewed.

He was speaking at the 2020 Budget Meeting Sessions, organized by the Ministry of Finance and held in Riyadh on Tuesday, where a number of ministers and senior officials gathered following the publication of the budget on Monday evening.

“There will be no more fees and taxes until after the financial, economic and social impacts have been considered carefully, especially in terms of economic competitiveness,” said Al-Jadaan.

The government expects to generate about SR203 billion in taxes this year – more than 20.5 percent higher than the previous year and more than 10 percent higher than the expected budget for this year. 

Most of that increase has come from taxes on goods and services which rose substantially as a result of the improvement in economic activity over the year.

The reassurances from the minister come as the Saudi budget deficit is estimated to widen to about SR187 billion, next year, or about 6.4 percent of GDP.