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'Sham' Qatar Deals Were Real, Ex-Barclays CEO Told SFO

Law360, London (February 28, 2019, 5:41 PM GMT) -- Former Barclays PLC boss John Varley believed £322 million ($427 million) the bank paid in fees to Qatari investors under two advisory deals in 2008 was appropriate and was not conditional on the Gulf state taking part in the British lender’s crisis-era cash call, a jury heard Thursday in a landmark criminal trial.

Varley, who is on trial alongside three former senior Barclays executives on fraud charges linked to the bank’s emergency fundraising, told Serious Fraud Office investigators in 2014 that Barclays intentionally struck a side deal with Qatar at the same time it participated in the £11 billion rescue package, according...

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