This archive report was first published on 22 October 2019.
On October 22, 2019, a court in London heard that an agreement at the centre of fraud charges against ex-Barclays executives was written by the bank's lawyers and approved by its board.
Barclays agreed to pay Qatari investors £42 million (Sh5.1 billion) for advisory services in June 2008 after they demanded more than double the fees paid to other investors.
The prosecution alleges the agreement was a mechanism to pay the additional fees rather than a genuine agreement.
Former Barclays executives Roger Jenkins, Tom Kalaris, and Richard Boath, on trial, deny wrongdoing.
They are accused of fraud and conspiracy to defraud in connection with a £4.5 billion (Sh594 billion) capital raising exercise by Barclays in June 2008.
Mr. Jenkins is also charged in connection with a further £7 billion (Sh924 billion) capital raising in October 2008.
The court heard that the board of the bank approved the Advisory Services Agreement (ASA) in June 2008.
William Boyce QC, representing Mr. Boath, questioned why his client was being prosecuted, given that the bank's lawyers, Clifford Chance, and the board were aware of and sanctioned the use of the ASA.
Mr. Boyce said,
