The former Chief Executive Officer of Barclays, John Varley was accused of fraud charges. However, Justice Robert Jay overruled the charges filed against Mr. Varley by the Serious Fraud Office stating that the evidence reported against him was insufficient to acquit him for the crime.
The case is moving up for retrial because of the other three defendants namely –Tom Kalaris, Roger Jenkins, and Richard Boath. While the three defendants are constantly denying of all the accusations, the SFO has charged them of paying around 322 million Euros to Qatar in order to secure all of their investments. These financial transactions took place during times of crisis with secrecy.
However, because of the funding from Qatar, Barclays was successfully able to avoid a bailout from the UK government in the year 2008. The case against the former Chief Executive Officer of Barclays by the SFO seems like a hidden agenda to prosecute a major bank during the times of their financial crisis.
This particular scenario suggests that this case against Mr. Varley was extremely important for the Serious Fraud Office; as the SFO has been constantly criticised because of the failures in attempts to prosecute the executives of Tesco in the previous year.