LONDON: Barclays and four former top executives were charged with fraud on Tuesday over undisclosed payments to Qatari investors as part of a £12 billion ($15 billion) emergency fundraising during the financial crisis in 2008.
Britain’s Serious Fraud Office (SFO) charged Barclays Plc, former Chief Executive John Varley, Roger Jenkins, Tom Kalaris and Richard Boath with conspiracy to commit fraud and unlawful financial assistance in its first criminal prosecution of a bank and senior managers over events during the credit crisis.
Barclays said it was considering its position and awaiting further information about the charges, which follow a five-year inquiry into how it avoided the fate of Lloyds and Royal Bank of Scotland (RBS) by averting a state bailout.
The SFO charged Varley, Jenkins, the ex-chairman of its Middle East investment banking arm, Kalaris, a former CEO of the bank’s wealth division and Boath, a former European head of financial institutions, after investigating a two-part fundraising that included a $3 billion loan to Qatar.
A lawyer for Jenkins said he would “vigorously defend” himself, adding his client had received both internal and external legal advice at the time.
Boath said he had no case to answer as he had repeatedly raised concerns about decisions taken by the bank at the time with both senior management and senior lawyers and had been reassured the decisions were lawful.
“The SFO’s decision to charge me is based on a false understanding of my role and the facts. I was not a decision-maker and had no control over what the bank did in 2008,” he said in a statement.
“The evidence I have supplied is very clear: There is no case for me to answer.”
A lawyer representing Varley, who resigned as a Rio Tinto senior independent director with immediate effect following the SFO charges, declined to comment. A lawyer for Kalaris could not immediately be reached for comment.
Each offense of fraud by false representation carries a maximum jail sentence of 10 years. Barclays faces a fine.
The men have been told to appear before Westminster Magistrates’ Court on July 3.
The case centers on agreements between Barclays and Qatari investors during two fundraisings in June and October 2008.
Qatar Holding, part of the Qatar Investment Authority (QIA) sovereign wealth fund, and Challenger, an investment vehicle of former Qatari Prime Minister Sheikh Hamad bin Jassim bin Jabr Al-Thani, invested around £5.3 billion in Barclays.
Authorities have examined whether payments from Barclays to Qatar at the same time, such as around £322 million in “advisory services agreements” (ASA), alongside the $3 billion loan, were honest and properly disclosed.
Varley and Jenkins have been charged with conspiracy to commit fraud by false representation during the June 2008 capital raising as well as the November 2008 fundraising. They also face a charge of unlawful financial assistance.
Kalaris and Boath have been charged with conspiracy to commit fraud by false representation during the June capital raising, the SFO said.
Qatar, which is a major UK investor, has not been accused of wrongdoing.
The criminal charge is a reputational blow to Barclays, which is grappling with a string of other legal problems.
In a separate case, it is contesting a $1 billion civil lawsuit from businesswoman Amanda Staveley, who arranged an investment in Barclays from Abu Dhabi investors during the financial crisis.
In 2013 the Financial Conduct Authority (FCA) proposed a £50 million 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.
“We are pleased that this matter, which led to the stay of our own case, is now in the public domain. We welcome a fair and transparent hearing on the basis of the charges set out today by the SFO,” it said in a statement.
Away from Qatar, Barclays current CEO Jes Staley, who joined the bank in late 2015, is under investigation for attempting to unmask an internal whistleblower.
Qatar, meanwhile, has made a healthy profit from its investment and remains Barclays’ biggest shareholder, with a stake of around 6 percent, according to Thomson Reuters data.
Britain charges Barclays, ex-bosses over ‘unlawful’ Qatari deal
Britain charges Barclays, ex-bosses over ‘unlawful’ Qatari deal
Pakistan PM, Kuwaiti emir discuss transformation of bilateral ties into economic partnership
- The meeting came on the sidelines of a two-day World Economic Forum summit in Riyadh
- PM Shehbaz Sharif assured of efficient implementation of Pakistan-Kuwait deals signed in Nov.
ISLAMABAD: Pakistan Prime Minister Shehbaz Sharif on Sunday met with Emir of Kuwait Sheikh Mishal Al-Ahmad Al-Jaber Al-Sabah in Riyadh and discussed with him transformation of Pakistan-Kuwait ties into an economic partnership, Sharif’s office said.
The meeting came on the sidelines of a two-day World Economic Forum (WEF) summit on global collaboration, growth and energy on April 28-29.
PM Sharif thanked Sheikh Mishal for his congratulatory letter upon his re-election and congratulated him on assuming the role of the emir of Kuwait.
“The Prime Minister expressed his desire to work closely with His Highness to transform bilateral ties into a mutually beneficial economic partnership that would serve the best interests of the peoples of both countries,” Sharif’s office said in a statement.
The development came months after Pakistan and Kuwait signed several trade and investment agreements worth $10 billion during the visit of caretaker Pakistan PM Anwaar-ul-Haq Kakar to the Gulf country.
Besides these agreements, the two countries had signed three memorandums of understanding (MoUs) in the fields of culture, environment and sustainable development.
Pakistan’s army chief, General Asim Munir, had also accompanied the caretaker prime minister on the Kuwait visit in November, which was part of the Pakistani leadership’s ambitious plan to attract investment from the Middle East amid an economic slowdown at home.
“The Prime Minister assured the Kuwaiti leadership that these MoUs and agreements would be implemented in an efficient and timely manner,” the statement added.
“In addition to bilateral ties, the regional situation, particularly with regards to the crisis in Gaza, was also discussed.”
Rippers win LIV Golf Adelaide, Brendan Steele takes individual title
- Hometown team beats all-South African Stinger GC to claim ‘dream’ victory
ADELAIDE: LIV Golf’s first team playoff has been long overdue. But after two-and-a-half seasons and 28 tournaments, it finally happened on Sunday at LIV Golf Adelaide — and resulted in an epic storybook ending for the hometown Ripper GC.
The all-Australian team, captained by Cameron Smith, beat the all-South African Stinger GC on the second playoff hole to capture a victory that the entire country had been hoping to experience, with more than 90,000 fans attending the three rounds of competition at The Grange Golf Course.
“This is unreal,” said Smith, standing on the 18th green and draped in an Australian flag with his teammates Marc Leishman, Matt Jones and Lucas Herbert. “It’s a dream come true for us.”
Another dream was experienced by Adelaide individual champion Brendan Steele, who won the first trophy of any kind for his HyFlyers GC team. The 41-year-old American shot a gritty 4-under 68 to finish at 18 under, one stroke better than Stinger captain Louis Oosthuizen.
“Really surreal,” said Steele, whose win was the 11th of his professional career, but the first since 2017.
“I’m pretty overwhelmed, but to win this event is really special. I can’t say enough good things about the fans and the golf course and the whole experience this week.”
Steele entered the final round with a one-stroke lead and produced a string of five consecutive birdies on Sunday to give himself enough of a cushion against the hard-charging Oosthuizen, who shot a 7-under 65. Five players tied for third, two strokes back: HyFlyers teammate Andy Ogletree (65), Legion XIII Captain Jon Rahm (64), the Stingers duo of Charl Schwartzel (64) and Dean Burmester (67) and Torque GC Captain Joaquin Niemann (66), the season-long individual standings leader.
Steele was able to hold off all challengers, and the Rippers appeared to be doing the same for most of the final nine holes, riding the support of the Adelaide fans to the top of the leaderboard. At one point, they led by as many as five strokes until the Stingers started to whittle away at the lead.
When Smith bogeyed his last hole of the day, the 18th, while Oosthuizen birdied his next-to-last hole, both teams finished at 53 under for the week — a record-low counting score in LIV Golf history.
That set up LIV Golf’s first team playoff, with Smith and Leishman representing the Rippers, while Oosthuizen and Burmester represented the Stingers, with the scores for all four players counting for their respective teams on each playoff hole.
The Stingers appeared to have the advantage on the first playoff hole, with Oosthuizen and Burmester hitting similar tee shots and approaches, leaving them within makeable but a challenging birdie range above the 18th hole pin. Meanwhile, Smith was in trouble off the tee and found the bunker with his approach, while Leishman’s approach came up short and rolled back toward the fairway.
As he walked toward the green, Leishman estimated his chances of extending the playoff at 25 percent — and that is being optimistic, he added. But each Ripper managed to save par, while the Stinger duo each missed their birdie putts, Oosthuizen’s lipping out.
“How we got out of that, I don’t really know,” Leishman said. “We were done and dusted by the looks of it.”
Given a reprieve, the Rippers took advantage on the second playoff hole. Leishman was on in two and made par, while both Stingers found the back greenside bunker, eventually suffering bogeys. Smith had two putts for a bogey to win and needed both of them to set off a raucous celebration.
“You couldn’t have staged a better place to do the first playoff,” said a gracious Oosthuizen in defeat. “Probably couldn’t script it better with the Rippers winning. We had chances. We had two putts on the first hole. And I hit a good putt on the second playoff hole as well. Some days they go in, some days they don’t.”
For the Australian quartet, it was the dream ending for a week of incredible support. For Smith, it was the reason he joined LIV Golf in 2022, shortly after winning the Open Championship at St. Andrews.
“This week has far exceeded my vision for what was ahead,” Smith said. “I think I always knew internally that Australia would really embrace LIV with the culture, with the music, with the entertainment, everything that goes on around it. I always felt like this was the place where it was going to make it big, and how it’s been the last couple of years has been just insane.
“Last year I said, I’m biased, this is the best tournament I’ve ever played. I think this year it’s done it again.”
Final team standings
Standings and counting scores for Sunday’s final round of the team competition at LIV Golf Adelaide. The three best scores from each team count in the first two rounds while all four scores count in the final round. The team with the lowest cumulative score after three rounds wins the team title. (won in playoff)
1. RIPPER GC -53 (Herbert 65, Leishman 65, Jones 68, Smith 70; Rd. 3 score -20)
2. STINGER GC -53 (Schwartzel 64, Oosthuizen 65, Burmester 67, Grace 68; Rd. 3 score -24)
3. HYFLYERS GC -48 (Ogletree 65, Steele 68, Mickelson 70, Tringale 71; Rd. 3 score -14)
4. TORQUE GC -46 (Niemann 66, Muñoz 69, Pereira 69, Ortiz 73; Rd. 3 score -11)
5. LEGION XIII -42 (Rahm 64, Hatton 67, Surratt 68, Vincent 70; Rd. 3 score -19)
6. IRON HEADS GC -41 (Kozuma 68, Na 69, Lee 71, Vincent 73; Rd. 3 score -7)
7. CLEEKS GC -40 (Kaymer 64, Meronk 66, Bland 69, Samooja 69; Rd. 3 score -20)
8. CRUSHERS GC -40 (Lahiri 67, Casey 68, DeChambeau 70, Howell III 71; Rd. 3 score -12)
9. RANGEGOATS GC -38 (Pieters 67, Wolff 69, Uihlein 71, Watson 71; Rd. 3 score -10)
10. FIREBALLS GC -35 (Ancer 64, Garcia 66, Chacarra 67, Puig 69; Rd. 3 score -22)
11. SMASH GC -31 (Koepka 66, Kokrak 69, Gooch 70, McDowell 71; Rd. 3 score -12)
12. 4ACES GC -30 (Perez 68, Johnson 69, Reed 72, Varner III 72; Rd. 3 score -7)
13. MAJESTICKS GC -11 (Westwood 69, Horsfield 71, Stenson 71, Poulter 74; Rd. 3 score -3)
GCC countries can play pivotal role in Africa’s economic development, African stakeholders say
- Economic relations between Africa and the GCC are set to grow significantly in the coming years
RIYADH: Member nations of the Gulf Cooperation Council can play a pivotal role in developing African economies, a special meeting of the World Economic Forum in Riyadh was told on Sunday.
Economic relations between Africa and the GCC are set to grow significantly in the coming years, economists have said, driven by mutual interests in economic diversification, investment and sustainable development.
Denis Christel Sassou Nguesso, the Republic of Congo’s international cooperation minister, said countries in central and western Africa had traditionally looked to Western powers, such as the US, France and the UK, for assistance with their development but were increasingly looking to forge links with GCC countries.
“It’s a good opportunity and position to start to work on this cooperation with (countries such as) Saudi Arabia, UAE, Qatar, Oman and Bahrain. They can help (African) countries to develop their economies and infrastructure projects,” he said.
“We’re not looking for an equal economy (with GCC states), but we’d like to build some bridges toward partnerships between our countries, to promote the public-private partnership.”
Boitumelo Mosako, CEO at the Development Bank of Southern Africa, told the panel that the GCC and African Union were founded on the same date, which coincides with Africa Day.
The GCC and the Organization of African Unity, which was replaced by the African Union, were both founded on May 25.
This was a symbol of the strong partnerships that had evolved between Africa and GCC countries, especially in direct trade, Mosako said.
“When it comes to infrastructure, that is where I see the greatest opportunity. As we all know, (Africa) is a continent with an infrastructure backlog, but we are one with aspirations of implementing an African free-trade agreement.”
But in order for this to be achieved, infrastructure projects had to be built quickly, which would not only benefit African economies but also global partners as Africa’s exports to those countries would be able to increase exponentially, Mosako said.
Highlighting opportunities in energy investment from GCC countries, she added: “We have seen this in South Africa, where GCC companies have partnered local entities as part of a renewable energy program, so it’s not something far-fetched, it’s actually happening. It’s an opportunity to close the energy gap for the continent.”
Ousmane Dione, vice president for the Middle East and North Africa at the World Bank, said that at its shortest distance, there were only 26 km between Africa and the GCC, but there was a much bigger metaphorical gap in investment from the GCC states into Africa, which he called a “land of opportunity.”
He said that by 2035, there would be 430 million young Africans coming into the labor market competing for just 100 million jobs if current policies remained in place.
This could either be a “demographic liability or a demographic dividend” depending on how other countries viewed it, he said.
“I see the GCC countries really being a part of what will be the future of that relationship, in terms of a partnership.”
Riyadh forum highlights Saudi Arabia’s vision for healthcare and tourism
RIYADH: Saudi Deputy Minister of Investment Transaction Saleh Al-Khabti said that the healthcare sector’s contribution to the Kingdom’s gross domestic product is projected to reach about $66.6 billion, with the creation of more than 245,000 jobs by 2030.
Al-Khabti shared the information during a panel discussion titled “The Kingdom and Vision 2030 as a Global Health Tourism Destination”, at the Health Tourism Future Forum, which began Sunday in Riyadh.
The Health Tourism Club and the Health Tourism Association, in partnership with the Global Healthcare Travel Council, launched the forum to identify priorities and redefine visions for health tourism at regional and international levels.
The forum, which this year coincides with the eighth anniversary of the launch of Saudi Arabia’s Vision 2030, is an annual global platform for the health tourism industry aiming to develop future strategies in the Kingdom’s healthcare sector. The global healthcare industry is estimated to be worth $4.4 trillion.
Al-Khabti said that significant investment is needed in the Saudi healthcare sector over the next seven years, much of which will be driven by the National Investment Strategy.
“Regarding foreign direct investment, Saudi Arabia reached about $19 billion, a three-time increase since 2017,” he said.
Ahmed Al-Ouraij, president of the Health Tourism Association, said that the forum marked the beginning of the first specialized health tourism initiatives.
Health tourism involves individuals traveling to another country for medical treatment or wellness services. The sector has grown rapidly in recent years due to increasing healthcare costs in many countries and advances in medical technology and expertise in specific regions.
Mahmoud Abdulhadi, deputy minister of tourism for destination enablement, mentioned that Saudi Arabia’s tourism industry has made significant progress, exceeding its target of 106 million visitors seven years ahead of schedule.
“The total amount spent on the total population of visitors was about $66.6 billion, a direct contribution to the economy,” Abdulhadi said.
The deputy minister also said that about 10 percent of all employment rates globally come from the tourism or tourism-related sectors. In Saudi Arabia, tourism contributes 4 percent to the national GDP.
“Tourism is a key contributor to Vision 2030 because it creates employment. When we started our journey in 2019, we had 600,000 employees in the sector, and today we have 925,000.”
Abdulhadi added that increasing the number of employees to 1.6 million by 2030 seemed on target, given the current trajectory.
“Leisure is now our second-largest source of visitation after spiritual visits to the holy sites and our fastest growing sector,” he said.
Conversely, only a small percentage of visitors to the Kingdom travel for medical or wellness purposes.
Abdulhadi said: “The reason might be because health tourism hasn’t been marketed well enough or in the right way.”
While the health tourism sector is still in its early stages, Abdulhadi believes there is a strong domestic market, or potential, for wellness and health travel.
Health tourism can range from medical treatment to wellness services. Abdulhadi said: “We have on the technical side people who are coming in for treatment for specific illnesses, and then we have on the soft side people who are coming in for what a spa experience in a nice destination is.”
He said that certain destinations lend themselves to potential wellness offerings, but that having the proper infrastructure in place is critical.
In the exhibition accompanying the conference, Healthcare London, a collaboration between nine healthcare providers, announced its official launch.
It was formed to allow more international patients to access the treatment that London’s leading private healthcare providers and NHS teaching hospitals can offer.
Michael Barker, project manager at Healthcare London, told Arab News: “Ever since we started working on Healthcare London, Saudi Arabia has been our No.1 market, especially because we know it very well.”
The forum also addresses challenges, proposes innovative solutions for sustainable growth, and works to raise awareness about the need to prioritize health and well-being. It is the culmination of the Kingdom’s drive to boost medical tourism and enhance the local and global healthcare sector.
The three-day event includes presentations, workshops, a young researchers’ forum, discussions, business meetings, seminars and interactive sessions. The activities focus on aspects of medical tourism such as innovation, investment, marketing and legislation.
Houthis expecting ‘hostile’ reaction from US over Red Sea attacks, drone downing
- US Defense Department says MQ-9 Reaper crashed in Yemen
- British-owned oil tanker damaged after being hit by missiles
AL-MUKALLA: The Houthis claim the US is planning a new round of strikes on Yemen in response to its attacks on ships in the Red Sea and the downing of an American drone.
In a post on X on Saturday afternoon, Hussein Al-Ezzi, the militia’s deputy foreign minister, said: “Now America and its mercenaries are considering new hostile plans, and we tell them the same thing: you will fail.”
In a separate message, posted on X on Saturday morning, Al-Ezzi said the Houthis were aware that the US was plotting a fresh military campaign against them and pledged to strike back against US interests wherever they may be.
That warning came after military spokesperson Yahya Sarea said the militia launched missiles at the British-owned and Panamanian-flagged Andromeda Star oil tanker in the Red Sea and shot down a US MQ-9 Reaper drone above its stronghold in the northern province of Saada.
US Defense Department spokesperson Lt. Col. Bryon J. McGarry told The Associated Press on Saturday that an MQ-9 drone had crashed in Yemen and that an inquiry was underway.
The US Central Command said on Saturday morning that the Andromeda Star received minor damage after being hit by missiles launched by the Houthis on Friday afternoon.
Shipping website Marinetraffic.com said the tanker was traveling from the Port of Sudan to an unnamed destination.
Houthi missiles on Friday also fell near the MV MAISHA, an oil tanker controlled by Liberia and traveling under the flag of Antigua and Barbuda, the Central Command said.
Since November, the Houthis have seized one commercial ship, sunk another and launched hundreds of missiles and drones at commercial and navy vessels in the Red Sea, Bab Al-Mandab Strait and the Gulf of Aden.
The group claims it targets vessels bound for or with links to Israel in a bid to force it to break its blockade on the Gaza Strip.
On Wednesday, the Houthis ended a nearly two-week break in their attacks by claiming credit for hitting a US-owned ship, a US Navy destroyer and an Israeli vessel in the Gulf of Aden and Indian Ocean.
Meanwhile, the Yemeni government and the Houthis swapped accusations on Saturday after a drone laden with explosives killed five women in the Maqbanah district of Taiz province.
The government said the Houthis launched the drone at women gathering water from a well and also fired artillery rounds and heavy machine guns into civilian areas and military sites southeast of Taiz.
The Houthi Ministry of Health said three women and two children were killed after a drone launched by Yemeni government soldiers cut through a crowd of villagers getting water from a well in Al-Shajeen village in Maqbanah.
