+

Cookies on the Business Insider India website

Business Insider India has updated its Privacy and Cookie policy. We use cookies to ensure that we give you the better experience on our website. If you continue without changing your settings, we\'ll assume that you are happy to receive all cookies on the Business Insider India website. However, you can change your cookie setting at any time by clicking on our Cookie Policy at any time. You can also see our Privacy Policy.

Close
HomeQuizzoneWhatsappShare Flash Reads
 

An ex-Barclays banker claimed he was fired after talking to fraud investigators

Nov 24, 2016, 13:42 IST

Reuters

A former senior Barclays investment banker claimed the lender fired him as a "direct response" to what he told fraud investigators about the bank, his lawyer said.

Advertisement

Barclays dismissed Richard Boath, who was global co-head of finance, earlier this year after reading transcripts of his interview with the Serious Fraud Office, Boath's lawyers alleged in an employment tribunal, according to a Reuters report.

He is suing Barclays for unfair dismissal for whistle blowing. A spokesman for the bank declined to comment.

The SFO is investigating a round of capital raising in 2008 that enabled Barclays to avoid a state bailout.

The SFO has been investigating "certain commercial arrangements between Barclays Bank and Qatar Holdings" since 2012. In 2013, the Financial Conduct Authority alleged in its own investigation that Barclays paid around £322 million to Qatari investors in return for a £4.6 billion capital injection at the height of the 2008 financial meltdown.

Advertisement

Boath was interviewed in 2014 as part of the investigation. The transcript, which ran to 900 pages according to a report in The Guardian, was seen by Barclays this year after the SFO used it to boost its case to get a warrant to search the bank.

Boath was dismissed shortly after. "He will say, 'The reason I find myself out on my ear ... is because the SFO did that'," his lawyer said, according to media reports.

The SFO petitioned the employment tribunal to keep details of the Boath interview and investigation out of the public eye. The judge is yet to rule on whether the rest of Boath's hearing will be public.

SFO said it expects to decide whether to charge former Barclays executives by March next year.

NOW WATCH: JAMES ALTUCHER: This is why owning a home is financial suicide

Please enable Javascript to watch this video
Next Article