Bankers mulled 'dodgy’ deal to pay Qatar PM

British bankers accused of a criminal conspiracy to pay secret multi-million-pound fees to Qatar claimed it was a “bit dodgy” to pay the Gulf state’s prime minister a slice of the money.

Senior officials at Barclays Bank said it was “wrong of a prime minister” to take fees as part of a £4bn deal struck with Qatar during an emergency capital raising project during the global financial crisis of 2008, a London court was told.

"It is what it is,” said Roger Jenkins, ex-head of investment banking in the Middle East, was recorded as telling a colleague. “But the point that's very well made here is you can't have the Prime Minister of Qatar as an adviser to Barclays Bank."

Four Barclays executives are accused of fraud over alleged efforts to hide £322m in commissions to Qatar’s sovereign wealth fund and an investment vehicle controlled by then prime minister Sheikh Hamad bin Jassim bin Jaber Al Thani.

Prosecutors say the bankers agreed to pay the money in return for major investments during two rounds of fund-raising in 2008 but sought to hide the fees as long-term “advisory services” for the Middle East region.

Two senior bankers discussed the fees in recorded conversations played to a jury at Southwark Crown court. Mr Jenkins – described as the gatekeeper to the Qataris – told a senior colleague that “It is a bit dodgy. You can’t as a Prime Minister, take these services.”

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British bankers ‘lied’ to hide Qatar payments

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The court was told that the bankers drew up a memo to try to hide what they were doing amid concerns they would be “rumbled” over the secret plan to pay Qatar commissions greater than any other investor involved in the £11.2 billion capital injection.

The memo was part of an effort to lay a “misleading audit trail” after senior bankers spoke of their fears of being jailed, a jury heard.

“This is one of these things where…. If you go down, the whole place goes down with you, right?” said Thomas Kalaris, the former head of its wealth management division, in a recorded telephone conversation with another executive.

Richard Boath, the bank’s former European divisional head, said: “Yeah, I mean obviously the jeopardy is that we’re rumbled and people say….this is just a fee in the backdoor”.

Prosecutors say that the executives tried to get around the problem by drawing up the memo which said that Qatar “upon reflection” would settle for fees of less than half that they had already agreed for their £2 billion investment.

In addition, the memo detailed a separate deal to develop “strategy and contacts” in the region in line with similar agreements with Saudi Arabia and Abu Dhabi in return for fees, according to documents shown in court.

“This memo was created in an attempt to lay a misleading audit trial,” said Edward Brown QC, prosecuting for the Serious Fraud Office. He said the memo was “false” and was designed to cover up the extent of the fees agreed between the two sides.

The successful capital raising operation through 2008 meant Barclays was able to avoid a UK government bailout, unlike rival lenders Royal Bank of Scotland and Lloyds.

The private bailout meant that the executives did not lose “very large” bonus payments, the court has heard.

Former Barclays chief executive, John Varley, 62; Mr Jenkins, 63; Mr Kalaris, 63, and Mr Boath, 60, all deny conspiracy to defraud. The trial continues.

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Company: Justmop.com

Date started: December 2015

Founders: Kerem Kuyucu and Cagatay Ozcan

Sector: Technology and home services

Based: Jumeirah Lake Towers, Dubai

Size: 55 employees and 100,000 cleaning requests a month

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What is Folia?

Prince Khaled bin Alwaleed bin Talal's new plant-based menu will launch at Four Seasons hotels in Dubai this November. A desire to cater to people looking for clean, healthy meals beyond green salad is what inspired Prince Khaled and American celebrity chef Matthew Kenney to create Folia. The word means "from the leaves" in Latin, and the exclusive menu offers fine plant-based cuisine across Four Seasons properties in Los Angeles, Bahrain and, soon, Dubai.

Kenney specialises in vegan cuisine and is the founder of Plant Food Wine and 20 other restaurants worldwide. "I’ve always appreciated Matthew’s work," says the Saudi royal. "He has a singular culinary talent and his approach to plant-based dining is prescient and unrivalled. I was a fan of his long before we established our professional relationship."

Folia first launched at The Four Seasons Hotel Los Angeles at Beverly Hills in July 2018. It is available at the poolside Cabana Restaurant and for in-room dining across the property, as well as in its private event space. The food is vibrant and colourful, full of fresh dishes such as the hearts of palm ceviche with California fruit, vegetables and edible flowers; green hearb tacos filled with roasted squash and king oyster barbacoa; and a savoury coconut cream pie with macadamia crust.

In March 2019, the Folia menu reached Gulf shores, as it was introduced at the Four Seasons Hotel Bahrain Bay, where it is served at the Bay View Lounge. Next, on Tuesday, November 1 – also known as World Vegan Day – it will come to the UAE, to the Four Seasons Resort Dubai at Jumeirah Beach and the Four Seasons DIFC, both properties Prince Khaled has spent "considerable time at and love".

There are also plans to take Folia to several more locations throughout the Middle East and Europe.

While health-conscious diners will be attracted to the concept, Prince Khaled is careful to stress Folia is "not meant for a specific subset of customers. It is meant for everyone who wants a culinary experience without the negative impact that eating out so often comes with."

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Credit Score explained

What is a credit score?

In the UAE your credit score is a number generated by the Al Etihad Credit Bureau (AECB), which represents your credit worthiness – in other words, your risk of defaulting on any debt repayments. In this country, the number is between 300 and 900. A low score indicates a higher risk of default, while a high score indicates you are a lower risk.

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The AECB collects information on your payment behaviour from banks as well as utilitiy and telecoms providers.

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By paying your bills on time and not missing any repayments, particularly your loan, credit card and mortgage payments. It is also wise to limit the number of credit card and loan applications you make and to reduce your outstanding balances.

How do I know if my score is low or high?

By checking it. Visit one of AECB’s Customer Happiness Centres with an original and valid Emirates ID, passport copy and valid email address. Liv. customers can also access the score directly from the banking app.

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A credit report costs Dh100 while a report with the score included costs Dh150. Those only wanting the credit score pay Dh60. VAT is payable on top.

England squad

Joe Root (captain), Alastair Cook, Keaton Jennings, Gary Ballance, Jonny Bairstow (wicketkeeper), Ben Stokes (vice-captain), Moeen Ali, Liam Dawson, Toby Roland-Jones, Stuart Broad, Mark Wood, James Anderson.

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Director: Matty Brown

Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5

The specs: 2018 GMC Terrain

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UAE currency: the story behind the money in your pockets

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