Former Barclays chief executive John Varley has been cleared of fraud charges. Getty
Former Barclays chief executive John Varley has been cleared of fraud charges. Getty
Former Barclays chief executive John Varley has been cleared of fraud charges. Getty
Former Barclays chief executive John Varley has been cleared of fraud charges. Getty

Ex-Barclays CEO John Varley cleared in case over Qatar fundraising


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Criminal charges against former Barclays CEO John Varley were dismissed following a ruling by a London appeals court.

The decision, which follows months of delays and appeals, puts an end to a scandal that has hung over the former executive for more than a decade. In April, Judge Robert Jay threw out the case against him, saying there was little evidence against Mr Varley, but the Court of Appeal only upheld the ruling on Friday.

The charges related to Barclays’s attempts to avoid nationalisation, a fate imposed on two competitors as the financial crisis tore into balance sheets in 2008. Faced with narrowing capital reserves, Barclays executives turned to Qatar for four billion pounds (DH18.6bn) of life-saving investments - part of more than £11bn in cash injections that year.

The UK Serious Fraud Office alleged that Barclays paid Qatar £322 million as a sweetener to secure the investments and that there was no intention for Qatar to deliver any services in exchange, as claimed by the bank. The SFO also alleged that Mr Varley conspired to hide the fees from other investors who participated in a cash call on worse terms.

A case against three other former executives will continue after Friday’s ruling.

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Mageed Yahia, director of WFP in UAE: Coronavirus knows no borders, and neither should the response

Defence review at a glance

• Increase defence spending to 2.5% of GDP by 2027 but given “turbulent times it may be necessary to go faster”

• Prioritise a shift towards working with AI and autonomous systems

• Invest in the resilience of military space systems.

• Number of active reserves should be increased by 20%

• More F-35 fighter jets required in the next decade

• New “hybrid Navy” with AUKUS submarines and autonomous vessels

MOUNTAINHEAD REVIEW

Starring: Ramy Youssef, Steve Carell, Jason Schwartzman

Director: Jesse Armstrong

Rating: 3.5/5

Specs

Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request

What can you do?

Document everything immediately; including dates, times, locations and witnesses

Seek professional advice from a legal expert

You can report an incident to HR or an immediate supervisor

You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline

In criminal cases, you can contact the police for additional support

Bangladesh tour of Pakistan

January 24 – First T20, Lahore

January 25 – Second T20, Lahore

January 27 – Third T20, Lahore

February 7-11 – First Test, Rawalpindi

April 3 – One-off ODI, Karachi

April 5-9 – Second Test, Karachi

The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5

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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 

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GAC GS8 Specs

Engine: 2.0-litre 4cyl turbo

Power: 248hp at 5,200rpm

Torque: 400Nm at 1,750-4,000rpm

Transmission: 8-speed auto

Fuel consumption: 9.1L/100km

On sale: Now

Price: From Dh149,900

Sheer grandeur

The Owo building is 14 storeys high, seven of which are below ground, with the 30,000 square feet of amenities located subterranean, including a 16-seat private cinema, seven lounges, a gym, games room, treatment suites and bicycle storage.

A clear distinction between the residences and the Raffles hotel with the amenities operated separately.