UK Fraud Office charges Barclays over Qatar fund-raising

The Serious Fraud Office case against John Varley marks the first time the head of a global bank has faced criminal charges for activities during the crisis, when big lenders across Europe and the USA were being rescued by taxpayers.

All four executives will appear at Westminster Magistrates court on July 3.

It added: "The charges arise in the context of Barclays' capital raisings in June and November 2008".

Barclays said it is considering its position in relation to the SFO's announcement.

The charges relate to Barclays's capital arrangements with Qatar Holding, a subsidiary of the emirate's QIA sovereign wealth fund, and Challenger Universal, an investment vehicle of the country's then prime minister. Mr Jenkins' lawyer, Brad Kaufman, said his client would "vigorously defend against these charges".

He said in a statement: "The SFO's decision to charge me is based on a false understanding of my role and the facts".

Avuncular, calm, Mr Varley was one of the City's patricians, often portrayed - rightly or not - as a check on Barclays' hard-charging investment bank, led by Bob Diamond.

The SFO charged the individuals and the bank with conspiracy to commit fraud.

It said the charges relate to the bank's fundraising in 2008, which saw Barclays raise emergency capital from Qatari investors as the financial crisis sent the sector into meltdown. The second - "unlawful assistance" - could be more serious.

Who are the four former Barclays executives?

The four men are the most senior United Kingdom banking executives charged since the financial crisis, which sent banks across the globe scrambling to raise funds to cover billions in losses.

Roger Jenkins, 61, was the executive chairman of investment banking and investment management in the Middle East and North Africa.

The former JPMorgan banker took over the reins at Barclays in December 2015 and impressed investors by restructuring the bank to remove bad assets and reinvigorate investment banking.

Richard Boath, 58, was European head of financial institutions group.

Markets were in turmoil in 2008 when Barclays turned to Qatar. The SFO looked into payments made to Qatar at that time and afterwards. In addition, U.S. authorities are also probing the payments.

In 2013 the Financial Conduct Authority proposed a 50 million pound fine over how Barclays made disclosures about its dealings with Qatar in an investigation that has been on hold pending the outcome of the SFO's probe. Britain's Northern Rock collapsed early in the financial crisis, while Royal Bank of Scotland and Lloyds Banking Group were forced to accept billions of pounds of state aid and the government oversight that came with it.

The SFO's case involves a cadre a Barclays top executives who steered the bank at the time.