Barclays, its former chief executive and three top bankers will face trial in 2019 over alleged deals struck during fundraising at the height of the financial crisis.
The trial date was set at a hearing Monday where former Chief Executive Officer John Varley, Roger Jenkins, Thomas Kalaris and Richard Boath all appeared at Southwark Crown Court.
If convicted the former executives could be facing lengthy jail terms as these offences can carry a maximum prison sentence of 10 years and a fine for the bank. Varley, Jenkins and the bank are also charged with conspiracy to commit fraud by false representation in relation to the fundraising that took place in October 2008.
The four men and Barclays itself have been charged by the UK’s Serious Fraud Office with conspiracy to commit fraud in relation to two 2008 capital raisings with Qatar Holding and Challenger Universal, and a $3bn loan that year from the Qatari ministry of economy and finance.
Varley, Jenkins and the bank face a second like charge of fraud by false representation, between 1 September 2008 and 30 November 2008.
In a court hearing in London today, Judge Andrew Edis set the date of the trial for the case, which marks the first criminal charges to be brought in the United Kingdom against a bank for activities during the credit crunch.
He is now based in Malibu, California.
Kalaris, a London-based U.S. citizen, ran the wealth management arm of Barclays. Jenkins is a former head of Middle East and north African investment banking and Boath is a former head of the bank’s European financial institutions group.