Former Barclays chief executive John Varley was today sensationally acquitted of fraud charges over the bank’s controversial fundraising from Qatari investors in 2008.
Varley, left, one of the highest profile City figures of his generation, had been charged by the Serious Fraud Office with conspiracy to commit fraud by false representation. The SFO claimed he had plotted to pay Qatar secret fees in return for its rescue funding at the height of the financial crisis.
However, judges at the Court of Appeal today ruled there was insufficient evidence to proceed.
There will be retrials in the cases against three other former Barclays executives — Roger Jenkins, then chairman of investment management in the Middle East, ex-wealth management head Tom Kalaris and corporate finance chief Richard Boath.
Judge Robert Jay threw out the case against Varley in April but the Court of Appeal only upheld his ruling today.
