Barclays Bank’s former chief executive is set to give evidence in a £1.6 billion (Dh7.15bn) legal battle over “secret” payments to Qatar – a year after he was cleared of any criminal wrongdoing connected to the 2008 deal.
John Varley, who led Barclays from 2004 to 2010, is due to appear as a witness on behalf of the bank in a legal claim brought by financier Amanda Staveley.
Ms Staveley’s PCP Capital Partners says the bank lied to other Gulf investors about larger commission payments to Qatar for investments during the 2008 financial crisis that staved off a government takeover.
Barclays is defending the claim, saying Qatar was not given secret commissions but was paid extra for providing introductions and other business services.
The bank’s former investment chief for the Middle East, Roger Jenkins, is also due to give evidence in a case that is expected to start in June and run for two months.
While criminal charges against Mr Varley were dropped in 2019 because of insufficient evidence, Mr Jenkins stood trial with two other senior bankers following a complex, eight-year investigation by the UK agency, which prosecutes white-collar crime.
They were accused of involvement in a plot to funnel £322 million in secret payments to Qatar in return for £4bn of rescue funding. The three men were all acquitted in February of fraud, clearing the way for the delayed civil case to go ahead.
Mr Varley and Mr Jenkins played key roles in negotiations with Qatar, then headed by Sheikh Hamad Al Thani.
The two men and Ms Staveley are all due to give evidence in person at London’s High Court, a judge was told on Friday at a hearing conducted through Skype because of the coronavirus pandemic.
Mr Justice Waksman said a decision on who could give evidence through video would be made closer to the trial.
Key 2013/14 UAE Motorsport dates
October 4: Round One of Rotax Max Challenge, Al Ain (karting)
October 1: 1 Round One of the inaugural UAE Desert Championship (rally)
November 1-3: Abu Dhabi Grand Prix (Formula One)
November 28-30: Dubai International Rally
January 9-11: 24Hrs of Dubai (Touring Cars / Endurance)
March 21: Round 11 of Rotax Max Challenge, Muscat, Oman (karting)
April 4-10: Abu Dhabi Desert Challenge (Endurance)
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First Person
Richard Flanagan
Chatto & Windus
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
