Barclays' Qatari Side Deal Was Legit, Ex-Exec Testifies

Law360, London (January 15, 2020, 7:00 PM GMT) -- A former Barclays executive on trial for fraud testified Wednesday that a side deal to pay additional fees to Qatar for providing needed capital to Barclays at the height of the financial crisis was both legal and commercially reasonable.

Barclays' former wealth boss Thomas Kalaris told a London jury that the deal was legitimate while defending himself against charges from the Serious Fraud Office that the former Barclays banker and two colleagues used sham advisory services agreements to disguise secret commissions paid to Qatar for investing.

On Wednesday, a lawyer for Kalaris, Ian Winter QC of Cloth Fair Chambers, asked about...

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