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Barclays trial adjourned to Crown Court

Chris Hamblin, Editor, London, 4 July 2017

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Four former Barclays directors, including ex-chief executive John Varley, have been released on bail by Westminster Magistrates Court after appearing over criminal charges brought against them for actions taken during the financial crisis.

Varley, 61, appeared at the court alongside Roger Jenkins, a former Barclays banker, Thomas Kalaris, the former head of the UK bank's wealth management arm, and Richard Boath, who was the firm's European head of its financial institutions group. The men confirmed their names, dates of birth and addresses but said nothing else.

Varley and Boath were granted unconditional bail. Jenkins, 61, who now lives in California, and Kalaris, 61, must lodge £500,000 security for bail within seven days, media reports of the case said. Kalaris lives in the UK and has properties in the US.

The men must next appear in Southwark Crown Court on 17 July. 

The Serious Fraud Office brought charges in June against the bank and the four former directors related to their dealings with investors in Qatar in 2008. Barclays did not have a government bailout as a result of its raising £11 billion in fund-raising rounds including Qataris. Reports said the men intend to plead not guilty to the charges they face, while Barclays has yet to state how it will plead.

Reports said Barclays, Varley and Jenkins face two counts of conspiracy to commit fraud by false representation related to emergency fundraisings undertaken in June 2008 and November 2008. Boath and Kalaris face one fraud count over the June cash call. Barclays, Varley and Jenkins also face a count each of unlawful financial assistance. 

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