LONDON: Richard Boath, an ex-Barclays boss on trial on fraud allegations, said the bank would be "basically dead" without a Qatari cash injection in 2008, a prosecutor said on Thursday.
The Serious Fraud Office prosecutor told the trial of Barclays' ex-chief executive John Varley and three former senior executives that Qatar had played hardball as the British bank struggled to shore up its balance sheet during the financial crisis.
"Without £1 billion, at the very least, from Q (Qatar) we are basically dead," Boath told his Barclays line manager on May 28, 2008, in a communication read out in Southwark Crown Court by prosecutor Edward Brown on the second day of the case.
Former CEO Varley, Roger Jenkins, Tom Kalaris and Boath deny conspiring to commit fraud by false representations when Barclays raised more than £11 billion ($14 billion) from investors in 2008, allowing it to avert a British state bailout.
Prosecutors allege the bankers hid from public documents around £322 million in secret fees paid to the Qatari investors as they fought to meet their tough demands.
Jenkins, former chairman for the Middle East of the BarCap business, was the "gatekeeper for Qatar", Brown said, adding that when the Gulf state said it might invest at least £1 billion in May 2008, there was initial delight at Barclays.
"Made my day. Know we have to get it over the line, but it's a great starting point for the conversation," Varley told Bob Diamond, the American executive who later replaced him as CEO, around May 13, 2008 in communications read out in court.
But this was short-lived after Qatar asked first for a fee of 3.75 percent in return for investing - substantially above the 1.5 percent Barclays was offering other investors - before settling on 3.25 percent, the prosecution alleged.
Trying to structure this deal proved a headache, Brown added, because all investors had to be offered the same terms.
The case hinges in part on whether so-called advisory services agreements were for genuine services to be provided by Qatar or a means for Barclays to pay extra fees it demanded.
Transcripts of telephone and email conversations between Barclays executives at the time show the bankers debating the bank's vulnerable condition and the need to get the Qatari investment at all costs, the prosecution alleged.
"They've got us by the balls because the price is so low," Boath told a senior colleague, referring to Qatar's tough stance and the bank's low share price.
Some of the executives also joked about the possibility of going to jail if the Qatari deal did not play by the rules.
"None of us wants to go to jail here," Kalaris said to Boath in a recording of a telephone conversation played to the court. "The food sucks and the sex is worse," Kalaris added.
Barclays was basically dead without Qatari cash, London court told
Barclays was basically dead without Qatari cash, London court told
New Murabba seeks contractors for Mukaab Towers fit-outs: MEED
RIYADH: Saudi Arabia’s New Murabba Development Co., a wholly owned subsidiary of the Public Investment Fund, has issued a request for information to gauge the market for modular and offsite fit-out solutions for its flagship Mukaab development, MEED reported on Wednesday.
The RFI was released on Jan. 26, with submissions due by Feb. 11. NMDC has also scheduled a market engagement meeting during the first week of February to discuss potential solutions with prospective contractors.
Sources close to the project told MEED that NMDC is “seeking experienced suppliers and contractors to advise on the feasibility, constraints, and execution strategy for using non-load-bearing modular systems for the four corner towers framing the Mukaab structure.” The feedback gathered from these discussions will be incorporated into later design and procurement decisions.
The four towers — two residential (North and South) and two mixed-use (East and West) — are integral to the Mukaab’s architectural layout. Each tower is expected to rise approximately 375 meters and span over 80 stories. Key modular elements under consideration include bathroom pods, kitchen pods, dressing room modules, panelized steel partition systems, and other offsite-manufactured fit-out solutions.
Early works on the Mukaab were completed last year, with NMDC preparing to award the estimated $1 billion contract for the main raft works. This was highlighted in a presentation by NMDC’s chief project delivery officer on Sept. 9, 2025, during the Future Projects Forum in Riyadh.
Earlier this month, US-based Parsons Corp. was awarded a contract by NMDC to provide design and construction technical support. Parsons will act as the lead design consultant for infrastructure, delivering services covering public buildings, infrastructure, landscaping, and the public realm at New Murabba. The firm will also support the development of the project’s downtown experience, which spans 14 million sq. meters of residential, workplace, and entertainment space.
The Parsons contract follows NMDC’s October 2025 agreements with three other US-based engineering firms for design work across the development. New York-headquartered Kohn Pedersen Fox was appointed to lead early design for the first residential community, while Aecom and Jacobs were selected as lead design consultants for the Mukaab district.
In August 2025, NMDC signed a memorandum of understanding with Falcons Creative Group, another US-based firm, to develop the creative vision and immersive experiences for the Mukaab project. Meanwhile, Beijing-based China Harbour Engineering Co. completed the excavation works for the Mukaab, and UAE-headquartered HSSG Foundation Contracting executed the foundation works.
