'A former director of Barclays insisted a £322million payment to Qatari investors was legal despite joking with lawyers that it was a 'bung', a court heard today.
Richard Boath, 60, is accused of conspiring with ex-CEO John Varley, 62, and colleagues Tom Kalaris, 63, and Roger Jenkins, 63, to organise a secret bail-out from the Middle East.
Prosecutors allege that the gang of bankers secured £11.8billion in fundraising during the 2008 credit crunch by sending the Gulf state additional payments through a fake contract that they were not obliged to disclose to their own shareholders.
The full extent of the deal - which allowed the bank to avoid a taxpayer bailout - was allegedly covered up by the bankers to protect their enormous bonuses.
The path to the deal was smoothed by a bogus agreement that allowed an extra £322million to be paid to the Middle Eastern investors, the prosecution has said.
The four senior bankers who later picked up £65million – colluded to pay hidden commission fees to Qatari investors to avoid a Government bailout and preserve their 'very large bonuses', it is claimed.
If they had failed to secure the deal, it was understood that senior bosses would lose their jobs and the bank would be 'f*****', the jury heard.'
Read more: Top Barclays banker 'insists he thought £322million Qatar deal was legitimate despite joking with lawyers about the secret "bung" he and three colleagues covered up to protect their bonuses'
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