Barclays Bank faces a damaging £1.6 billion legal battle over claims that the bank repeatedly lied to secure investment from Gulf investors during the 2008 global financial crisis despite the acquittal of senior executives after a related fraud probe.
The conclusion of the criminal case against the three men opens the way for financier Amanda Staveley to press her claim for up to £1.6 billion against the three-century-old bank over suggestions that Qatar was secretly offered preferential terms to other institutional investors.
Ms Staveley’s company PCP Capital Partners invested £3.5 billion in Barclays on behalf of a senior Abu Dhabi investor during a capital raising operation that concluded in November 2008.
The deal effectively put 30 per cent of the bank’s stock in the hands of Middle East investors. Ms Staveley was paid £30 million for her work on the deal but she alleges PCP and its Gulf-based backers lost out on up to £1.6 billion.
The long-running trial ended in not-guilty verdicts for three former Barclays employees connected to the deals. The court heard that Qatar was paid a £66 million “introduction” fee for its alleged role in linking up the bank with UAE investors.
But Ms Staveley says that her company PCP Capital contacted the bank’s then chief executive John Varley on October 12, 2008, offering him the opportunity to speak with her Abu Dhabi investor.
She had raised the prospect of investing in a UK bank to her Abu Dhabi investor in June 2008 and personally discussed terms at a reception in the UAE capital in November 2008, according to court documents.
The day after Ms Staveley first raised the prospect of Abu Dhabi’s involvement, Barclays announced that it needed to raise £6.5 billion, court papers show.
She alleges that she was assured during meetings with the Barclays Middle East investment chief, Roger Jenkins – who was acquitted of fraud on Friday - that the UAE and Qatar would be treated in the same way. Mr Jenkins is not a party to the PCP action and no longer works for Barclays.
She says that at a 6.15am meeting at Barclays headquarters on October 31, 2008 – the day that the second tranche of capital injected into the bank was announced – Mr Jenkins allegedly told her that the £66m was related to an earlier funding round, when the UAE was not involved.
A jury on Friday cleared Mr Jenkins and two other men of duping the markets by lying about secret commissions to ensure that Qatar put £4 billion into the bank over the course of 2008 to prevent a government bailout of the bank.
The group of investors gathered by Ms Staveley – which included funds and senior figures from Saudi Arabia, Abu Dhabi, China and Kuwait – were also kept in the dark about a $3 billion loan made by Barclays to Qatar, the papers claim.
Public companies in the UK are banned from lending money for the purchase of their own shares.
The money was paid into the London branch of Qatar National Bank on November 17 - just ten days before the emirate for its Barclays stock.
Lawyers acting for the bank quit in November 2008 after raising concerns that the loan to Qatar was illegal, according to the legal papers filed by Ms Staveley’s company.
Barclays Bank was charged in 2017 with fraud and unlawful financial assistance over the loan but the case against the bank was later dropped.
PCP alleges its leadership did not realise that it “had very substantially greater bargaining power than it ever realised” over Barclays as it thrashed out the deal, the papers say.
Barclays has previously said that it will defend the claim against Ms Staveley but declined to comment further on Thursday.
A spokesperson for PCP said: "The criminal case brought by the SFO against Jenkins, Kalaris and Boath involved different issues, tried before different tribunals, with different parties and different standards of proof.
"PCP's claim is not brought against individuals at the bank. It is brought against the bank itself for civil liability. PCP's claim is not impacted by the outcome of the criminal trial."
A cheaper choice
Vanuatu: $130,000
Why on earth pick Vanuatu? Easy. The South Pacific country has no income tax, wealth tax, capital gains or inheritance tax. And in 2015, when it was hit by Cyclone Pam, it signed an agreement with the EU that gave it some serious passport power.
Cost: A minimum investment of $130,000 for a family of up to four, plus $25,000 in fees.
Criteria: Applicants must have a minimum net worth of $250,000. The process take six to eight weeks, after which the investor must travel to Vanuatu or Hong Kong to take the oath of allegiance. Citizenship and passport are normally provided on the same day.
Benefits: No tax, no restrictions on dual citizenship, no requirement to visit or reside to retain a passport. Visa-free access to 129 countries.
MATCH INFO
CAF Champions League semi-finals first-leg fixtures
Tuesday:
Primeiro Agosto (ANG) v Esperance (TUN) (8pm UAE)
Al Ahly (EGY) v Entente Setif (ALG) (11PM)
Second legs:
October 23
Prop idols
Girls full-contact rugby may be in its infancy in the Middle East, but there are already a number of role models for players to look up to.
Sophie Shams (Dubai Exiles mini, England sevens international)
An Emirati student who is blazing a trail in rugby. She first learnt the game at Dubai Exiles and captained her JESS Primary school team. After going to study geophysics at university in the UK, she scored a sensational try in a cup final at Twickenham. She has played for England sevens, and is now contracted to top Premiership club Saracens.
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Seren Gough-Walters (Sharjah Wanderers mini, Wales rugby league international)
Few players anywhere will have taken a more circuitous route to playing rugby on Sky Sports. Gough-Walters was born in Al Wasl Hospital in Dubai, raised in Sharjah, did not take up rugby seriously till she was 15, has a master’s in global governance and ethics, and once worked as an immigration officer at the British Embassy in Abu Dhabi. In the summer of 2021 she played for Wales against England in rugby league, in a match that was broadcast live on TV.
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Erin King (Dubai Hurricanes mini, Ireland sevens international)
Aged five, Australia-born King went to Dubai Hurricanes training at The Sevens with her brothers. She immediately struck up a deep affection for rugby. She returned to the city at the end of last year to play at the Dubai Rugby Sevens in the colours of Ireland in the Women’s World Series tournament on Pitch 1.
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The specs
Engine: 3-litre twin-turbo V6
Power: 400hp
Torque: 475Nm
Transmission: 9-speed automatic
Price: From Dh215,900
On sale: Now
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SPEC%20SHEET
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Zayed Sustainability Prize
AL%20BOOM
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Masters%20of%20the%20Air
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Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The biog
Favourite book: Men are from Mars Women are from Venus
Favourite travel destination: Ooty, a hill station in South India
Hobbies: Cooking. Biryani, pepper crab are her signature dishes
Favourite place in UAE: Marjan Island
The alternatives
• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.
• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.
• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.
• 2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.
• PayPal is probably the best-known online goods payment method - usually used for eBay purchases - but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.
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TOP%2010%20MOST%20POLLUTED%20CITIES
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
More on Quran memorisation:
MATCH INFO
Uefa Champions League quarter-final second leg:
Juventus 1 Ajax 2
Ajax advance 3-2 on aggregate
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
The specs
Engine: 2.0-litre 4-cyl turbo
Power: 247hp at 6,500rpm
Torque: 370Nm from 1,500-3,500rpm
Transmission: 10-speed auto
Fuel consumption: 7.8L/100km
Price: from Dh94,900
On sale: now
The%20Witcher%20-%20season%20three
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Scoreline
Arsenal 3
Aubameyang (28'), Welbeck (38', 81')
Red cards: El Neny (90' 3)
Southampton 2
Long (17'), Austin (73')
Red cards: Stephens (90' 2)
AWARDS
%3Cp%3E%3Cstrong%3EBest%20Male%20black%20belt%3A%20%3C%2Fstrong%3ELucas%20Protasio%20(BRA)%3Cbr%3E%3Cstrong%3EBest%20female%20black%20belt%3A%20%3C%2Fstrong%3EJulia%20Alves%20(BRA)%3Cbr%3E%3Cstrong%3EBest%20Masters%20black%20belt%3A%3C%2Fstrong%3E%20Igor%20Silva%20(BRA)%3Cbr%3E%3Cstrong%3EBest%20Asian%20Jiu-Jitsu%20Federation%3A%3C%2Fstrong%3E%20Kazakhstan%3Cbr%3E%3Cstrong%3EBest%20Academy%20in%20UAE%3A%20%3C%2Fstrong%3ECommando%20Group%2C%20Abu%20Dhabi%3Cbr%3E%3Cstrong%3EBest%20International%20Academy%3A%3C%2Fstrong%3E%20Commando%20Group%2C%20Abu%20Dhabi%3Cbr%3E%3Cstrong%3EAfrican%20Player%20of%20the%20Year%3A%20%3C%2Fstrong%3EKatiuscia%20Yasmira%20Dias%20(GNB)%3Cbr%3E%3Cstrong%3EOceanian%20Player%20of%20the%20Year%3A%20%3C%2Fstrong%3EAnton%20Minenko%20(AUS)%3Cbr%3E%3Cstrong%3EEuropean%20Player%20of%20the%20Year%3A%3C%2Fstrong%3E%20Rose%20El%20Sharouni%20(NED)%3Cbr%3E%3Cstrong%3ENorth%20and%20Central%20American%20Player%20of%20the%20Year%3A%20%3C%2Fstrong%3EAlexa%20Yanes%20(USA)%3Cbr%3E%3Cstrong%3EAsian%20Player%20of%20the%20Year%3A%20%3C%2Fstrong%3EZayed%20Al%20Katheeri%20(UAE)%3Cbr%3E%3Cstrong%3ERookie%20of%20the%20Year%3A%3C%2Fstrong%3E%20Rui%20Neto%20(BRA)Rui%20Neto%20(BRA)%3C%2Fp%3E%0A
