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Qatar and Barclays in court!

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Barclays

And the trial continues.

The four men have denied the charges. Prosecutors have not accused Qatar, Hamad or his investment vehicle, of wrongdoing!

The court heard Hamad was first involved in fundraising discussions with Barclays through his role as chairman of Qatar Holding, which would end up being a key investor in the bank’s 2008 capital raising.

And according to the court; Qatar was paying millions of illegal fees to Barclays!

Hold on, this is not the full story, the most important one is heading

In a phone call played to the jury, the bank’s former European financial institutions boss Richard Boath recalls Hamad telling the bank’s executives that “he’d like his family to have some shares in Barclays” as well.

In one email read in court, Boath wrote to colleagues, including the Barclays lawyer Judith Shepherd, detailing a meeting he had with the Qataris’ head of legal, Ahmad al-Sayad.

In that email, Boath said he was told that “HE [His Excellency] wants to have a very low profile” and “would prefer that HE’s BVI-based investment vehicle be our fifth investor and sign its own subscription agreement”.

Yet,  Shepherd insisted in a call that there was a general obligation for fair disclosure – particularly given the sheik’s head position at Qatar Holding. “We have to tell the truth, not only in circumstances where we think we wouldn’t get found out, we have to tell the truth because that’s what we have to do.”

Wait..and see!

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