Barclays Bank’s former chief executive is set to give evidence in a £1.6 billion (Dh7.15bn) legal battle over “secret” payments to Qatar – a year after he was cleared of any criminal wrongdoing connected to the 2008 deal.
John Varley, who led Barclays from 2004 to 2010, is due to appear as a witness on behalf of the bank in a legal claim brought by financier Amanda Staveley.
Ms Staveley’s PCP Capital Partners says the bank lied to other Gulf investors about larger commission payments to Qatar for investments during the 2008 financial crisis that staved off a government takeover.
Barclays is defending the claim, saying Qatar was not given secret commissions but was paid extra for providing introductions and other business services.
The bank’s former investment chief for the Middle East, Roger Jenkins, is also due to give evidence in a case that is expected to start in June and run for two months.
While criminal charges against Mr Varley were dropped in 2019 because of insufficient evidence, Mr Jenkins stood trial with two other senior bankers following a complex, eight-year investigation by the UK agency, which prosecutes white-collar crime.
They were accused of involvement in a plot to funnel £322 million in secret payments to Qatar in return for £4bn of rescue funding. The three men were all acquitted in February of fraud, clearing the way for the delayed civil case to go ahead.
Mr Varley and Mr Jenkins played key roles in negotiations with Qatar, then headed by Sheikh Hamad Al Thani.
The two men and Ms Staveley are all due to give evidence in person at London’s High Court, a judge was told on Friday at a hearing conducted through Skype because of the coronavirus pandemic.
Mr Justice Waksman said a decision on who could give evidence through video would be made closer to the trial.
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1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
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Where to buy and try:
Nutritional yeast
Bulletproof coffee
Amasake
Charcoal drinks and dishes
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Supermarkets across the UAE