John varley, previous chief executive of barclays, was accused inside tall court on thursday of providing untrue research into the financial regulator about 2008 capital raisings concerning qatar.
Mr varley, who was acquitted of fraud charges this past year over the fundraising, started testifying whilst the lender started its defence in a 1.5bn municipal suit brought against it by financier amanda staveleys investment firm, pcp. the bank denies wrongdoing.
Pcp is suing barclays for alleged deceit across regards to the investment in 2 money calls by qatar in 2008. ms staveley, who was leading a parallel financial investment by abu dhabi, has said she never ever might have spent if she had understood qatar ended up being receiving various terms. qatar struck two advisory side agreements (asas), well worth 322m, with barclays.
Mr varley had been cross examined on thursday over previous research he had given to the financial conduct authority in 2012, on links involving the two advisory agreements and qatars decision to push 4bn into barclays via two crisis fundraisings that finally stored the financial institution from a state bailout.
Joe smouha qc, barrister for pcp, put to mr varley he had provided research which was not the case as he informed the regulator in interviews there was no linkage between your asas together with money raising.
Mr smouha put to him that this ended up being very different to his evidence toward high court, where mr varley features testified that the advisory agreements weren't legitimately attached to the money calls but were commercially linked and negotiated concurrently.
Mr varley insisted his research both in cases had been true and said the 2 asas had been free standing agreements to win home based business in the middle east without inter conditionality into the money raising.
Mr varley hasn't before testified in a community court about barclays 2008 fundraising. he told the high legal on thursday that sheikh hamad container jassim bin jaber al-thani, the then prime minister of qatar, had looked for reassurances from gordon brown, then uk prime minister,in 2008 that qatar's current shareholding in barclays wouldn't be diluted in the event that british treasury took a stake inside bank. he in addition testified that amanda staveleys pcp features overstated its part within the fundraising.
Mr varley added your departure of roger jenkins, previous chairman of barclays middle eastern company, during 2009 destroyed the capacity regarding the bank to take advantage of the asas because mr jenkins had a unique and close commitment with sheikh hamad.
The truth continues.