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Former Barclays boss branded ‘wally’ in fraud trial evidence

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on trial over Qatar dealings, was recorded criticising ex-CEO John Varley.


Former Barclays bosses are accused of disguising payments worth £322m to Qatar in fraud case.

A previous Barclays supervisor denounced his ex-CEO John Varley of being a “wally” for declining to raise financial specialist charges and cautioned associates that Qatari speculators may haul out of the bank’s crisis gathering pledges in 2008, a court heard.

Roger Jenkins, a previous leader of the loan specialist’s speculation banking business, told an associate they would see Varley’s “crap turn white” if Qatar left.

The remarks were contained in phone call chronicles and transcripts exhibited to a jury on Friday by examiners for the Genuine Extortion Office (SFO).

The SFO has blamed three previous Barclays administrators for contriving false warning administrations understandings (ASAs) so as to camouflage installments worth £322m to Qatar. It asserts that the cash was really an expense requested by Qatar in return for putting £4bn in the bank as a major aspect of a £11bn crisis raising money drive at the tallness of the budgetary emergency.

In one account from June 2008, Jenkins’ co-litigant Richard Boath, a previous leader of Barclays’ European budgetary establishments, can be heard telling his associate that Varley would not build charges paid to financial specialists.

“He [Varley] may go for broke yet … he won’t up the charges on the exchange,” Boath said.

Jenkins reacted: “Well he’s being a wally. At that point, at that point appreciate – I need to let you know, watch him, watch his poop turn white on the accompanying remark: ‘Quail [Qatar] are strolling.'”

The lead examiner, Edward Dark colored, said the litigants pondered how to pay Qatar’s head administrator, Sheik Hamad container Jassim receptacle Jaber al-Thani, additional expenses in accordance with what was offered to the nation’s riches subsidize Qatar Property. There were worries that paying the PM expenses for obvious counsel – through a different ASA – would look “dodgy”, Darker clarified.

Jenkins stated: “I’m shocked that John Varley, given his morals, is doing this … you can’t have the head administrator of Qatar as a counselor to Barclays Bank … it resembles have the leader of the US consultant to JP Morgan. You can’t have it.”

Varley was a co-respondent in a past preliminary that found some conclusion in April when the jury was released. Varley was absolved.

Jenkins, Boath and Thomas Kalaris, a previous leader of Barclays’ riches division, are blamed for misrepresentation and scheme to submit extortion. Every one of the three deny the charges.