Barclays was 'basically dead' without Qatari cash, London court told | WHAT REALLY HAPPENED


Barclays was 'basically dead' without Qatari cash, London court told

The Serious Fraud Office prosecutor told the trial of Barclays’ ex-chief executive John Varley and three former senior executives that Qatar had played hardball as the British bank struggled to shore up its balance sheet during the financial crisis.

“Without 1 bln (pounds), at the very least, from Q (Qatar) we are basically dead,” Boath told his Barclays line manager on May 28, 2008, in a communication read out in Southwark Crown Court by prosecutor Edward Brown on the second day of the case.

Former CEO Varley, Roger Jenkins, Tom Kalaris and Boath deny conspiring to commit fraud by false representations when Barclays raised more than 11 billion pounds from investors in 2008, allowing it to avert a British state bailout.

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