A senior barclays banker joked about his own execution after the terrible truth surfaced there was in fact small take-up from investors for barclays fundraising in summer 2008, making qatar with a 10 percent stake in the lender, the high court in london heard.
Roger jenkins, the previous president of barclays middle east business, invested another time into the witness box being cross-examined. the united kingdom lender is protecting a 1.5bn municipal lawsuit brought against it by pcp, financier amanda staveleys investment company, over its 2008 fundraising with qatar.
Pcp, which led a synchronous fundraising by abu dhabi, alleges that barclays made key side arrangements and paid undisclosed charges to qatar as part of two 4bn cash calls. barclays denies the claims.
On friday, the tall legal heard a call from july 2008 between mr jenkins and previous colleague richard boath when the guys mentioned the worse-than-expected clawback from existing people of stocks placed with all the qatari people. this implied qatar would definitely have 10 percent of barclays and had to find 2.3bn.
Mr jenkins claims within the call that the establishments whom underwrote the fundraising are all fucked. he talks about whether he should travel face-to-face to break the awful truth about the fundraising flop to sheikh hamad container jassim container jabr al-thani, after that qatar prime minister, who was at his residence in cannes, into the south of france.
Mr jenkins joked to mr boath: issue is whether i drag you bastards with me...
Mr boath said he's pleased to go. mr jenkins proceeded: yeah, yeah. really, because typically theres one execution so...he wont normally destroy two different people.
Mr jenkins added: so ill send you there. ill generate one hour later.
Through the call mr boath informed him: i love your optimism, its fantastic.
Mr jenkins replied: because at the conclusion of your day, we do not give a fuck.
Mr jenkins had been cross-examined about a 42m side contract which barclays struck with qatar in summer 2008 simultaneously given that cash call. mr jenkins said the medial side deal ended up being intended to give barclays a crack associated with whip for new package options in the centre east in places like co-investment and foreign currency.
I would personally n't have entered to the contract easily would not think it might make above 42m, he informed the judge.
Whenever asked by pcps barrister joe smouha qc why there is no description of services to-be supplied by qatar to barclays inside part arrangement, mr jenkins replied: im a genuine man. in the event that you call that into question, my honesty ill take exclusion to that particular.
Mr jenkins ended up being acquitted of unlawful charges within the 2008 fundraising by an old bailey jury early in the day in 2010.
The case continues.