The United Kingdom's Serious Fraud Office, SFO, has charged Barclays PLC and four former top executives with conspiracy to commit fraud during the bank’s 2008 capital raising from Qatar as it sought to avoid a bailout.

The SFO, a non-ministerial government department of the Government of the United Kingdom, said Tuesday that former Chief Executive Officer John Varley, former chairman of investment banking for the Middle East Roger Jenkins, ex-wealth chief Thomas Kalaris, and Richard Boath, the former European head of the bank’s financial institutions group, along with Barclays had been charged with conspiracy to commit fraud by false representation in the lender’s dealings with Qatari investors .

"The charges relate to Barclays Plc's capital raising arrangements with Qatar Holding LLC and Challenger Universal Ltd, which took place in June and October 2008, and a US$3bn loan facility made available to the State of Qatar acting through the Ministry of Economy and Finance in November 2008," the SFO said in a statement today.

The development is immensely significant as it represents the first criminal charges levelled against either a bank or top executives during the 2008 crisis, considered one of the most turbulent periods in financial history.

Source: WAM