Roger jenkins obtained a 50m exit package when he left barclays last year after becoming paid 39m in yearly pay and bonuses for at the very least two years in a row, the tall court in london heard on monday.
Mr jenkins ended up being as soon as certainly one of britains best-paid bankers, being employed as chairman of barclays center eastern business. hewas providing research towards tall court as bank defends a 1.5bn suit brought against it by financier amanda staveleys investment firm pcp, over its 2008 fundraising with qatar.
Pcp, which led a parallel fundraising by abu dhabi, alleges that barclays made secret side agreements called advisory service agreements and paid undisclosed charges to qatar included in two 4bn cash calls that helped the bank avoid an united kingdom government bailout. barclays denies the claim.
Mr jenkins informed the high court when barclays was indeed bailed out-by great britain government, the financial institution would-have-been obligated to pursue a domestic agenda. he was asked about his exit package when he left the lender in july 2009. it absolutely was significant. over 50m, he stated.
He added that details of his remuneration package at barclays had emerged at his unlawful test previously this current year, when he ended up being acquitted of fraudulence charges across fundraising. it had been 39m therefore the same the last 12 months and previous year, he responded.
Pcp statements that two advisory solutions agreements (asas) struck between barclays and qatar were shams and disguised charges given to qatar in return for its involvement.
Joe smouha, barrister for pcp, reported that on october 24 2008 there was no advice that there could be an additional contract worth 280m between barclays and qatar, in addition to a first asa signed in summer 2008.
What you have put the following is totally made up in an attempt to suggest some form of expansion to asa 1 was at use the night of 24 october, mr smouha told him.
You may be eligible to your viewpoint sir, mr jenkins replied.
Mr smouha qc also accused mr jenkins of giving comprised evidence to your test about negotiations with qatar in october 2008, versus acknowledge there were no talks or negotiations aided by the qataris regarding the contents of 2nd consultative solutions arrangement. mr jenkins responded: its not the case.
Mr jenkins ended up being questioned about whether he previously revealed to ms staveley in october 2008 that a $3bn bank loan was being advanced level by barclays to qatar. its none of her business what a bank does with a customer, he replied.
Mr jenkins ended up being pushed by mr smouha qc about a meeting he presented with ms staveley inside large open plan home of their mayfair home on october 23 2008 where she claims he reassured her that abu dhabi ended up being obtaining exact same price in the fundraising as qatar.
Mr jenkins stated: the same bargain i'm sure is quite germane to her instance. i might or may not have said same bargain.
The situation continues.