The former chief executive of Barclays bank has been acquitted of suspected fraud by a court in London. John Varley was indicted in 2017 for fraud involving a financing deal that Barclays concluded with investors in the Middle East in 2008, in particular the Qatari state investment fund.
The acquittal comes from a court of appeal, after a judge already acquitted him in April for lack of evidence. In addition to Varley, three other former Barclays directors were also charged with fraud. Their lawsuit must be re-conducted.
By calling on the Arabs, Barclays knew that the credit crisis had almost run out of its capital reserves to prevent it from having to rely on state aid. But the way in which the billions of dollars came about arose afterwards many questions from regulators who had suspicions of bribery.