Barclays bankers acquitted over fraud charges in Qatar deal

LONDON (AP) — Three former Barclays bankers have been cleared of fraud over a 4 billion-pound ($5.2 billion) investment deal with Qatar at the height of the global financial crisis in 2008.

The three men — Roger Jenkins, Thomas Kalaris and Richard Boath — were acquitted Friday after a five-month trial at London's Old Bailey. The case was brought by Britain's Serious Fraud Office, which had accused the bankers of hiding the true nature of the fundraising plan with Qatar from authorities and other shareholders.

At the height of the financial crisis, many banks around the world, most famously Lehman Brothers went bust. Others, including Lloyds and Royal Bank of Scotland, were bailed out by the British government. Barclays was struggling too, but managed to avoid a government bailout through two capital fundraisings, totalling 11.2 billion pounds, with Qatar.

The Serious Fraud Office alleged the lucrative terms given to Qatar, including an extra 322 million pounds in fees, were hidden from the market and other investors through bogus advisory service agreements.