The head of a UK finance trade body has been accused of personal attacks on a prominent businesswoman at a £1.6 billion (Dh7.4bn) trial that is set to reveal allegations of arrogance, sexism and misogyny at the top of Barclays bank.
Stephen Jones, a former senior executive of the British bank, is accused by lawyers acting for businesswoman Amanda Staveley of “thoroughly unpleasant” personal comments as the bank sought billions of pounds from investors.
The unspecified comments were referred to in legal documents on the opening day of a two-month trial in London focused on the actions of Barclays executives who turned to Qatar and Abu Dhabi to raise more than £11bn during the 2008 financial crisis.
Ms Staveley, the head of private equity company PCP Capital Partners, claims that Barclays repeatedly lied to her over payments to Qatari officials who were given better terms for investing about £4bn during two rounds of fund-raising.
Barclays is contesting the claim and denies that Qatari investors, headed by former prime minister Sheikh Hamad bin Jabar Al Thani, were given preferential terms. Barclays officials had warned the bank would be “dead” without the Qatari investment.
Ms Staveley's lawyer, Joe Smouha, said conversations between senior officials at the bank would reveal “the pre-global-financial-crisis arrogance, ethical carelessness, focus on bonuses, on money, on jobs and unfortunately also sexism and misogyny”.
Mr Smouha said a “significant theme” in the case would be Barclays “seeking to criticise the professional skill and competence of Ms Staveley”.
He added: “This is regrettably consistent with some attitudes, reflected in some deeply unpleasant personal comments about her – professed by some of Barclays’ most senior staff at the time.”
Mr Jones was a central figure in the fund-raising operation and met Sheikh Hamad in Doha in 2008, London’s High Court heard.
He left the bank in 2011 and for the past three years has been chief executive of UK Finance, which represents 250 companies across the British banking and finance industry.
Last year, he told an annual UK Finance event that the industry had come a long way since Barclays appointed the first female branch manager in 1958.
“But it is not enough progress. It is clear from this room that some barriers still exist,” he said. “As an industry we have a crucial role to play in ensuring we recruit, build and nurture a diverse and inclusive workforce.”
UK Finance has been contacted for comment.
Barclays said the claim by PCP is without merit and the amount claimed is “nonsensical”. Jeffery Onions, a lawyer for Barclays, claimed on Tuesday that the company was acting as a “middleman” for Abu Dhabi rather than as a key investor.
The case started on Monday, four months after three former Barclays executives were cleared of fraud over the Qatar fund-raising operation.
The bank and former chief executive John Varley were also charged, but the cases against them were dropped before they went to trial.
Company Profile
Founder: Omar Onsi
Launched: 2018
Employees: 35
Financing stage: Seed round ($12 million)
Investors: B&Y, Phoenician Funds, M1 Group, Shorooq Partners
The specs
Engine: 2x201bhp AC Permanent-magnetic electric
Transmission: n/a
Power: 402bhp
Torque: 659Nm
Price estimate: Dh200,000
On sale: Q3 2022
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
UAE currency: the story behind the money in your pockets
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
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The years Ramadan fell in May
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
KEY%20DATES%20IN%20AMAZON'S%20HISTORY
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UAE currency: the story behind the money in your pockets
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October 9: v Sabah FA
Milestones on the road to union
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.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
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F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
UAE currency: the story behind the money in your pockets
Fire and Fury
By Michael Wolff,
Henry Holt
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
SHAITTAN
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Directed by Sam Mendes
Starring Dean-Charles Chapman, George MacKay, Daniel Mays
4.5/5
Killing of Qassem Suleimani
Killing of Qassem Suleimani
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MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
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