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
First EU–Saudi roundtable on critical raw materials reflects shared policy commitment
RIYADH: The EU–Saudi Arabia Business and Investment Dialogue on Advancing Critical Raw Materials Value Chains, held in Riyadh as part of the Future Minerals Forum, brought together senior policymakers, industry leaders, and investors to advance strategic cooperation across critical raw materials value chains.
Organized under a Team Europe approach by the EU–GCC Cooperation on Green Transition Project, in coordination with the EU Delegation to Saudi Arabia, the European Chamber of Commerce in the Kingdom and in close cooperation with FMF, the dialogue provided a high-level platform to explore European actions under the EU Critical Raw Materials Act and ResourceEU alongside the Kingdom’s aspirations for minerals, industrial, and investment priorities.
This is in line with Saudi Vision 2030 and broader regional ambitions across the GCC, MENA, and Africa.
ResourceEU is the EU’s new strategic action plan, launched in late 2025, to secure a reliable supply of critical raw materials like lithium, rare earths, and cobalt, reducing dependency on single suppliers, such as China, by boosting domestic extraction, processing, recycling, stockpiling, and strategic partnerships with resource-rich nations.
The first ever EU–Saudi roundtable on critical raw materials was opened by the bloc’s Ambassador to the Kingdom, Christophe Farnaud, together with Saudi Deputy Minister for Mining Development Turki Al-Babtain, turning policy alignment into concrete cooperation.
Farnaud underlined the central role of international cooperation in the implementation of the EU’s critical raw materials policy framework.
“As the European Union advances the implementation of its Critical Raw Materials policy, international cooperation is indispensable to building secure, diversified, and sustainable value chains. Saudi Arabia is a key partner in this effort. This dialogue reflects our shared commitment to translate policy alignment into concrete business and investment cooperation that supports the green and digital transitions,” said the ambassador.
Discussions focused on strengthening resilient, diversified, and responsible CRM supply chains that are essential to the green and digital transitions.
Participants explored concrete opportunities for EU–Saudi cooperation across the full value chain, including exploration, mining, and processing and refining, as well as recycling, downstream manufacturing, and the mobilization of private investment and sustainable finance, underpinned by high environmental, social, and governance standards.
From the Saudi side, the dialogue was framed as a key contribution to the Kingdom’s industrial transformation and long-term economic diversification agenda under Vision 2030, with a strong focus on responsible resource development and global market integration.
“Developing globally competitive mineral hubs and sustainable value chains is a central pillar of Saudi Vision 2030 and the Kingdom’s industrial transformation. Our engagement with the European Union through this dialogue to strengthen upstream and downstream integration, attract high-quality investment, and advance responsible mining and processing. Enhanced cooperation with the EU, capitalizing on the demand dynamics of the EU Critical Raw Materials Act, will be key to delivering long-term value for both sides,” said Al-Babtain.
Valere Moutarlier, deputy director-general for European industry decarbonization, and directorate-general for the internal market, industry, entrepreneurship and SMEs at European Commission, said the EU Critical Raw Materials Act and ResourceEU provided a clear framework to strengthen Europe’s resilience while deepening its cooperation with international partners.
“Cooperation with Saudi Arabia is essential to advancing secure, sustainable, and diversified critical raw materials value chains. Dialogues such as this play a key role in translating policy ambitions into concrete industrial and investment cooperation,” she added.
