February 28, 2020 / 11:40 AM / a month ago

Factbox: Barclays bosses cleared of credit crisis-era fraud

LONDON (Reuters) - Three former Barclays executives were cleared of credit-crisis era fraud charges by a jury on Friday after a landmark London trial over undisclosed payments to Qatar in 2008.

FILE PHOTO: A Barclays bank building is seen at Canary Wharf in London, Britain May 17, 2017. REUTERS/Stefan Wermuth

Below are some details about the three defendants.

ROGER JENKINS

Once dubbed Britain’s best-paid banker, Jenkins held the golden key to the Qatari deal — a personal relationship with former prime minister Sheikh Hamad bin Jassim bin Jabr al-Thani.

Jenkins owned 60 million pounds of Barclays stock and was recommended for a 25 million pound bonus for his work on the 2008 fundraisings.

The Scottish-born former sprinter, who earned millions at Barclays devising complex tax structures, helped secure a second deal with Qatar in October 2008 despite suffering a heart attack two months earlier.

On June 26, 2008, Barclays’ then CEO John Varley emailed Jenkins saying: “We could not have done what we have done without the pivotal role you played. Thank you for the extraordinary skill and tenacity.”

By the time he left Barclays in 2009 to become an independent consultant, he had amassed a 120 million pound fortune, according to the 2009 Sunday Times Rich list.

TOM KALARIS

The investment banker, who headed the bank’s wealth division, was the trusted lieutenant of Bob Diamond, the charismatic American who would succeed Varley as CEO. Kalaris left the bank in 2013.

Born in Tripoli, Libya, to a senior American diplomat father and civil rights lawyer mother, Kalaris spent his formative years at JPMorgan before joining Barclays.

Married for 41 years with five children, Kalaris described himself during the trial as the “quarterback” in the pressure-cooker atmosphere at Barclays during the 2008 fundraisings.

He was hand-picked by Diamond because of his even temperament and helped shield Boath from excessive demands from the bank’s top management.

Kalaris, now 64, has a “highly developed sense of duty, akin to that of a professional soldier,” ex-Barclays chairman David Walker said in a character witness statement read in court.

RICHARD BOATH

The SFO case hinged on the recorded telephone calls and interviews with now 61-year-old Boath, the former European head of the investment bank’s financial institutions group.

Boath was the only one of the defendants to answer investigator questions in 2014 and 2016 — and the only one not to testify at the Old Bailey criminal court.

He was picked to help execute the June 2008 fundraising, despite his background in the separate discipline of debt deals.

By a quirk of bank practice at the time, the fact he sat on the trading floor meant his phone calls were recorded, unlike the other bankers in the case.

Boath was fired in 2016 after a 15-year career at the bank and is suing Barclays over whistleblowing, pay and unfair dismissal. He alleges he was dismissed because of what he told SFO investigators.

His case has been put on hold pending an outcome of the criminal prosecution.

Reporting by Kirstin Ridley and Lawrence White; Editing by Alexander Smith

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