John Varley, the former boss of Barclays, and three other past senior executives at the bank will have to wait about 18 months before appearing before a jury on fraud charges it emerged yesterday.
A judge at Southwark crown court in London set a trial date of January 9, 2019 for the kick-off of one of the biggest criminal prosecutions to emerge from the 2008 global financial crisis. The trial is expected to last four months, which means a verdict is unlikely to be delivered within two years of the four bankers being charged.
In addition to Varley, 61, the other former executives charged are Roger Jenkins, 61, the former head of Barclays middle east operations, Tom Kalaris, also 61, the former head of the wealth management division at the bank, and Richard Boath, 58, the former chairman of the bank’s financial services team. All four are on bail.
The charges stem from allegations around a deal involving a £6.3 billion cash injection to the bank from the authorities in Qatar, which helped Barclays avoid having to take a UK government bailout during the depths of the banking crisis. The case is seen as one of the most significant ever prosecuted by the Serious Fraud Office.