LONDON: The most senior bankers to face criminal charges in Britain over conduct during the financial crisis will appear before a London jury next week in a trial that will test the mettle of the Serious Fraud Office.
Former Barclays CEO John Varley and three one-time colleagues stand charged over deals with Qatari investors to secure cash injections that allowed the bank, that can trace its origins back to around 1690, to survive the crisis a decade ago.
The trial, scheduled to start on Monday and slated to last for up to four months, is expected to begin with lengthy legal, procedural arguments before prosecutors open their case.
Varley, who married into one of the families that helped build Barclays, Roger Jenkins, the one-time chairman of the Middle Eastern banking arm, Tom Kalaris, an American former wealth division CEO and Richard Boath, a former European divisional head, are charged with conspiracy to commit fraud.
Varley, renowned for trademark bright braces and Jenkins, now based in California, also face a separate charge of unlawful financial assistance — a practice of companies lending money to fund the purchase of their own stock.
Lawyers for Boath and Kalaris declined to comment, while legal representatives for the other defendants did not respond to requests for comment.
When charges were filed in June 2017, a lawyer for Jenkins said his client would vigorously defend himself against the allegations. Boath said at the time he had no case to answer.
Barclays secured around £12 billion ($15 billion) in emergency funds from mainly Gulf investors as markets plunged in 2008, allowing it to avoid the state bailouts taken by rivals Royal Bank of Scotland and Lloyds.
Qatar Holding — part of the Qatar Investment Authority sovereign wealth fund — and Challenger, an investment vehicle of former Qatari prime minister Sheikh Hamad bin Jassim bin Jabr Al-Thani, invested about £6 billion in the bank.
But the SFO, which prosecutes serious white collar crime, has charged the men over “capital raising arrangements” with Qatar Holding and Challenger in June and October 2008 and a $3 billion loan facility Barclays made available to Qatar in November 2008.
Qatar, a major investor in Britain, has not been accused of wrongdoing.
Lawyers say the performance of the SFO will be under as much scrutiny as that of the well-heeled defendants after a court threw out its separate charges against Barclays over the capital raising — and a judge last month halted its prosecution of former senior Tesco supermarket managers mid-trial.
Lisa Osofsky, who took the top job at the agency last August, has stood back from handling the Barclays case because of a potential conflict of interest linked to her previous work.
The new year has started briskly for the SFO. Its retrial of three former Barclays traders accused of plotting to rig Euribor global interest rates kicks off on Jan. 14. A jury was unable to reach a verdict in their case last year.
Former Barclays bosses face London trial over Qatari cash call
Former Barclays bosses face London trial over Qatari cash call
- Barclays secured around £12 billion ($15 billion) in emergency funds from mainly Gulf investors as markets plunged in 2008
- Qatar, a major investor in Britain, has not been accused of wrongdoing
Saudi Dar Al Arkan, Trump Organization unveil 1st Riyadh project in Wadi Safar
RIYADH: Saudi developer Dar Al Arkan and its international unit Dar Global have unveiled the first of two Trump-branded projects planned for Riyadh, launching a 2.6 million-sq.-meter Trump International Golf Club in Wadi Safar.
The project follows a joint announcement in December 2024 by Dar Al Arkan, Dar Global and The Trump Organization to develop two Trump-branded assets in the Saudi capital. It marks The Trump Organization’s first venture within the Diriyah development, one of the Kingdom’s flagship giga-projects, according to a press statement.
The development aligns with Saudi Arabia’s Vision 2030 goals to diversify the economy away from oil and attract foreign direct investment.
It also comes as Saudi Arabia plans to allow foreigners to own property in designated areas for the first time, starting this month.
In a statement, Eric Trump, executive vice president of The Trump Organization, said:
“We are proud to expand our presence with this landmark development in Wadi Safar. Trump International Golf Club, Wadi Safar will redefine luxury and excellence in the region, setting a new standard that reflects the brand’s enduring commitment to quality, prestige and timeless elegance.”
He added: “We look forward to creating a destination that complements the rich heritage of the region while delivering a global standard of luxury living.”
The Trump International Golf Club, Wadi Safar, will be developed as a gated community featuring a championship golf course, a luxury hotel and premium residential units overlooking surrounding wadis and fairways.
“This new project represents a vision to deliver a destination that captures the prestige and the legacy of the Trump brand. With Dar Global leading the development, we are confident this will become a flagship destination not just for Saudi Arabia, but for the world,” said Yousef Al Shelash, chairman of Dar Al Arkan.
The project will combine top-tier hospitality, design, and lifestyle offerings in a setting that reflects Saudi Arabia’s cultural and natural heritage.
Ziad El Chaar, CEO of Dar Global, said the company is proud to collaborate with Diriyah Co. and Dar Al Arkan on the development of the new site.
“We have delivered landmark projects across Europe and the Gulf Cooperation Council in partnership with globally recognized luxury brands. Bringing this experience to the Diriyah project, we will deliver a destination that combines heritage, elegance, and world-class standards, making Trump International Golf Club, Wadi Safar a truly iconic address,” El Chaar said.
Saudi Tourism Minister Ahmed Al-Khateeb said in a post on X that the project represents a milestone partnership and reflects momentum in developing destinations to international standards.
“From Wadi Safar in Diriyah, we laid the cornerstone for the Trump International Wadi Safar project within the Rayana Wadi Safar masterplan, which includes the launch of the Trump International Golf Club, alongside a Trump-branded hotel and a collection of luxury mansions,” he said.
Al-Khateeb added: “A milestone reflecting strong delivery momentum in developing destinations to global standards, underscoring Saudi Arabia’s growing appeal as a leading destination for tourism and investment through high-calibre international partnerships.”
Located on the outskirts of Riyadh, Wadi Safar in Diriyah is among Saudi Arabia’s most scenic and strategically important areas. It is envisioned as an upscale enclave that aligns with the wider Diriyah master plan, a central pillar of Vision 2030 aimed at economic diversification and enhancing the Kingdom’s global standing.
