Qatari investors who saved Barclays from a government bailout in 2008 must be just as dishonest as the Barclays bankers on trial for fraud for the jury to convict, the judge said yesterday.
Former boss John Varley, and three senior executives, are accused of funnelling £322million in secret payments to Qatari investors to sweeten two capital raising deals in 2008.
The Serious Fraud Office alleges the side deals, struck with the prime minister and sovereign-wealth fund of Qatar, were ‘shams’, the court heard.
The prosecution has accused the Qatari investors of being dishonest, although they are not on trial.
Mr Justice Jay said jurors must be sure that the Advisory Services Agreements (ASAs) were ‘shams’, and that no services were provided for the money, in order to convict.
Varley, 62, Roger Jenkins, 63, Tom Kalaris, 63, and Richard Boath, 60, all deny fraud by false representation.