Four former top Barclays executives appear in court to face charges fraud, over undisclosed payments to Qatari investors as part of a 12 billion pound emergency fundraising during the financial crisis in 2008. Laura Frykberg reports
They arrived at a London court one by one. Four former Barclays executives. Charged with conspiracy to commit fraud and providing unlawful financial assistance. SOUNDBITE (English) CITY INDEX MARKET ANALYST, KEN ODELUGA, SAYING: "It's highly significant, there's no doubt about that whatsoever. It's the first criminal charges against any senior executives in the U.K. related to the financial crisis. " John Varley, Roger Jenkins, Tom Kalaris and Richard Boath.. Are alleged to have committed the crimes during the 2008 global financial crisis... When Barclays made undisclosed payments to Qatar... As part of a 12 billion pound emergency fundraiser... SOUNDBITE (English) CITY INDEX MARKET ANALYST, KEN ODELUGA, SAYING: "You can't have one deal is in public in a number of other deals which are in private. That's completely against the principle of that sort of United Kingdom law and financial law which we all take great pride in having." It's taken five years of investigation to get to this point. Britain's SFO trying to uncover why Barclays didn't go the same way as other British banks which required major government bailouts. More may become clear in the court room now, the four are appearing for a second hearing later this month.