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Former Barclays boss John Varley cleared of fraud charges over Qatar deal – The Times

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Former Barclays boss John Varley cleared of fraud charges over Qatar deal – The Times


John Varley was cleared of both charges but a retrial of three of his colleagues has been allowed to go aheadBEN GURR FOR THE TIMES

The former chief executive of Barclays has been acquitted of charges that he paid secret fees to Qatar to help the bank to escape from a government bailout a decade ago.

The decision that there was insufficient evidence against John Varley after a high-profile fraud trial marks a failure of the only attempt in Britain to prosecute a senior banker for the mistakes of the financial crisis.

Mr Varley, 63, was acquitted on two charges of fraud over fundraisings in 2008, in which Barclays tried to raise money from investors around the world to remain in private ownership and to avoid the fate of Royal Bank of Scotland and Lloyds, its rivals which had to take huge cash injections from the government, leaving them with…

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