Barclays banker in Qatar deal sues over pay

16 Sep, 2015 12:13 pm

LONDON – A senior Barclays investment banker, who sources say is one of four people being investigated by Britain’s financial watchdog over a 2008 fundraising involving Middle East investors, is suing the bank in a dispute about pay.

Richard Boath, who is still working at Barclays as its chairman of financial institutions in Europe, Middle East and Africa (EMEA), has made the claim at a London employment tribunal.

The East London Employment Tribunal told Reuters on Tuesday in an email that a hearing is scheduled on the dispute between Boath and Barclays for Oct. 20.

It declined to elaborate further and Reuters was unable to obtain any details of the pay dispute.

Boath referred requests for comment to Barclays. The bank declined to comment.

British and U.S. authorities have for several years been investigating commercial agreements made between Barclays and Qatari investors as part of the 12-billion-pound capital raising by the bank at the height of the financial crisis in 2008.

Barclays said in 2013 the British authorities were investigating the bank and four current and former senior employees over the fundraising. Sources familiar with the matter said they included Boath, who was co-head of global finance in EMEA at the time of the capital raising. Boath has not publicly commented on the investigation.

Investigations are still ongoing in Britain and the United States into the deal and some individuals. It is not known if Boath is being investigated by U.S. authorities.

Britain’s Financial Conduct Authority (FCA) has said Barclays acted “recklessly” on its disclosure requirements and planned to fine it 50 million pounds. Barclays is disputing the findings, and the regulator’s action has been suspended pending the outcome of a separate investigation by Britain’s Serious Fraud Office (SFO) into the fundraising deal. (here)

The SFO said on Tuesday its investigation was ongoing.

Boath has worked at Barclays since 2000. In early 2013 he was named as co-head of Barclays’ EMEA financial institutions group, which combines investment banking and financing for banks and financial firms. He has been in his current role, as chairman of the financial institutions group, for the past year.

The East London Employment Tribunal handles most cases involving employees based in the Canary Wharf financial district, where Barclays is based. -Reuters

Must Watch