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Saturday, Feb 22, 2025

Former Barclays boss branded 'wally' in fraud trial evidence

Former Barclays boss branded 'wally' in fraud trial evidence

Former investment head criticises ex-chief exec John Varley in trial evidence
A former Barclays boss accused his ex-chief executive John Varley of being a “wally” for refusing to raise investor fees and warned colleagues that Qatari investors may pull out of the bank’s emergency fundraising in 2008, a court heard.

Roger Jenkins, a former head of the lender’s investment banking business, told a colleague they would see Varley’s “shit turn white” if Qatar walked away.

The comments were contained in telephone call recordings and transcripts presented to a jury on Friday by prosecutors for the Serious Fraud Office (SFO).

The SFO has accused three former Barclays executives of devising fraudulent advisory services agreements (ASAs) in order to disguise payments worth £322m to Qatar. It alleges that the money was actually a fee demanded by Qatar in exchange for investing £4bn in the bank as part of an £11bn emergency fundraising drive at the height of the financial crisis.

In one recording from June 2008, Jenkins’ co-defendant Richard Boath, a former head of Barclays’ European financial institutions, can be heard telling his colleague that Varley would not be willing to increase fees paid to investors.

“He [Varley] might take the regulatory risk but … he’s not going to up the fees on the trade,” Boath said.

Jenkins responded: “Well he’s being a wally. Then, then enjoy – I have to tell you, watch him, watch his shit turn white on the following comment: ‘Quail [Qatar] are walking.’”

The lead prosecutor, Edward Brown, said the defendants grappled with how to pay Qatar’s prime minister, Sheikh Hamad bin Jassim bin Jaber al-Thani, extra fees in line with what was offered to the country’s wealth fund Qatar Holdings. There were concerns that paying the prime minister fees for apparent advice – through a separate ASA – would look “dodgy”, Brown explained.

Jenkins said: “I’m very surprised that John Varley, given his ethics, is doing this … you can’t have the prime minister of Qatar as an adviser to Barclays Bank … it’s like have the president of the United States adviser to JP Morgan. You just can’t have it.”

Varley was a co-defendant in a previous trial that came to a close in April when the jury was discharged. Varley was acquitted.

Jenkins, Boath and Thomas Kalaris, a former head of Barclays’ wealth division, are accused of fraud and conspiracy to commit fraud. All three deny the charges.
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