Four ex-Barclays directors on bail over fraud charges

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Four ex-Barclays directors, including former chief executive John Varley, have been let out on bail after an opening court case over alleged fraud.

The four are in court following Serious Fraud Office charges over the way the bank raised money from Qatari investors without fully disclosing the deals and fees paid to the market, according to the Telegraph.

Instead of going to the Government in 2008, as banks fought to secure their balance sheets against the credit crunch, Barclays sought a $3bn loan facility from the Qatari government, as well as raising capital through two companies, Qatar Holding LLC and Challenger Universal Ltd.

Varley was joined in Westminster magistrates court yesterday by former banker Roger Jenkins, ex-wealth division head Thomas Kalaris and European financial institutions group head Richard Boath.

Barclays, Varley and Jenkins face two counts of conspiracy to commit fraud by false representation.

Boath and Kalaris face one fraud count each.

The group will appear at Southwark Crown Court on 17 July.