- Prosecutors for the Serious Fraud Office present internal documents to UK court in bank funding case
- Sheikh Hamad wanted to remain 鈥榰nder the radar,鈥� emails suggest
LONDON: Qatari officials put pressure on Barclays officials to mask the former prime minister of the Gulf state鈥檚 planned holding in the bank, a London court heard on Monday.
A high-profile legal case in London centers on allegations that four former executives from Barclays conspired to commit fraud by false representations when Barclays raised more than 拢11 billion ($14 billion) from investors in 2008.
Prosecutors allege the bankers hid from public documents around 拢322 million in secret fees paid to the Qatari investors as they fought to meet their tough demands.
As part of the ongoing case, prosecutors for the UK鈥檚 Serious Fraud Office on Monday presented internal emails and phone calls to the jury, The Guardian reported.
The documents detailed discussions on how Barclays might disclose Sheikh Hamad bin Jassim bin Jaber Al-Thani鈥檚 planned stake in the bank via Challenger, his British Virgin Islands (BVI)-based investment vehicle.
In a phone call played to the jury Richard Boath, the bank鈥檚 former European financial institutions boss, recalled how Sheikh Hamad told the bank鈥檚 executives that 鈥渉e鈥檇 like his family to have some shares in Barclays.鈥�
In one email, Boath said he was told that Sheikh Hamad 鈥渨ants to have a very low profile鈥� and 鈥渨ould prefer that HE鈥檚 BVI-based investment vehicle be our fifth investor and sign its own subscription agreement,鈥� The Guardian reported.
In the email exchange with the Qataris鈥� head of legal, Ahmad Al-Sayad, Boath noted that 鈥渨e would be required to disclose the identity of this vehicle,鈥� the court heard. Al-Sayad responded that Barclays 鈥渟hould find a way to finesse this in order to keep HE under the radar.鈥�
The four ex-Barclays employees have all denied the charges against them in the trail, which is expected to last up to six months.
Prosecutors have not accused Qatar or officials from that country of wrongdoing.