Accused ex-Barclays chief quits Rio Tinto board

Accused ex-Barclays chief quits Rio Tinto board

The bank raised £12 billion (US$15.2 billion) from the gulf country through capital raisings in June and October 2008 and also loaned it £3 billion in November.

The Serious Fraud Officer's investigation was mainly circling around the bank's commercial agreement with Qatari investors, which includes; Qatar Holdings, which is a part of the Qatar Investment Authority, and Challenger which is an investment vehicle of former Qatar Prime Minister Sheikh Hamad bin Jassim bin Jabr al-Thani. Reports have been surfacing that four former senior staff are tagged on the allegations; the Serious Fraud Office is now looking on this subject, most specifically on the bank's 2008 fundraising.

Along with Mr Varley, the SFO also charged the ex-chairman of Barclay's Middle East investment banking arm Roger Jenkins, Tom Kalaris, a former CEO of the bank's wealth division and Richard Boath, a former European head of financial institutions.

Britain's Serious Fraud Office (SFO) has charged Barclays bank and four former managers, including a chief executive, with "conspiracy to commit fraud" when they sought investment from Qatar in the 2008 financial crisis.

The charges relate to conspiracy to commit fraud by misrepresentation and unlawful financial assistance.

Varley and Jenkins also face a charge of unlawful financial assistance, the SFO said.

A lawyer for Jenkins said he would "vigorously defend" himself against the charges, saying his client had received both internal and external legal advice at the time.

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"I was not a decision-maker and had no control over what the bank did in 2008".

John Varley, 61, a director of mining giant Rio Tinto, has been charged with conspiracy to commit fraud.

Barclays said it was considering its position over the charges and awaited further information.

It added that the City watchdog, the Financial Conduct Authority, had reopened its investigation while United States authorities were continuing their own inquiries.

The men have been told to appear before Westminster Magistrates' Court on July 3.

The Barclays share price was down 1.9% by the end of the day.

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