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By Kirstin Ridley
LONDON, Nov 26 (Reuters) - Roger Jenkins, a former senior
Barclays banker tasked with securing a financial
lifeline from Qatar at the height of the credit crisis, told a
London fraud trial on Tuesday he had been taken aback at the
fees demanded by the Gulf state.
Jenkins, 64, told a jury at the Old Bailey criminal court
that he had expected Hussain Al-Abdullah, the negotiator for
Qatar's former prime minister Sheikh Hamad bin Jassim bin Jabr
al-Thani, to play hardball when he and colleagues met him in his
suite at London's luxury Claridges Hotel on June 3, 2008.
But he said he was surprised when Al-Abdulla, known as Dr
Hussain, demanded a fee of 3.75 percent for participating in the
first part of what would become an 11 billion pound ($14
billion), two part capital raising over 2008.
"It was a surprising ask on his side; the size of it," said
Jenkins, giving evidence for the second day in the high-profile
trial. "I knew that he would ask for something -- it's the
nature. I had expected 2%, maybe 2.5%. I hadn't expected the
magnitude of the ask, so I was a little taken aback."
The case revolves around how Barclays avoided the fate of
Lloyds and Royal Bank of Scotland and averted a
state bailout with an 11 billion pound ($14 billion) fundraising
in June and October 2008.
Jenkins, the former head of Barclays' Middle East business,
and co-defendants Tom Kalaris, who ran its wealth division, and
Richard Boath, a former head of European financial institutions,
deny conspiring to commit fraud by false representation and
fraud by false representation.
Prosecutors for the UK Serious Fraud Office allege the
former executives lied to the market and other investors by not
properly disclosing 322 million pounds paid to Qatar, disguised
as "bogus" advisory services agreements (ASAs), in return for
around four billion pounds in investments over 2008.
Qatar, a major investor in Britain, and Sheikh Hamad are not
accused of wrongdoing.
In brief defence statements, the men have alleged that the
ASAs were side deals to secure lucrative business for Barclays
in the Middle East -- a region the bank was eager to exploit --
that had been approved by internal and external lawyers and
cleared by the board.
Jenkins told the court how he courted Sheikh Hamad and his
senior executives, discussed a range of investment opportunities
and offered to send a chief operating officer and risk officer
to Doha for a year to advise the oil and gas rich country, which
was keen to diversify its wealth, on asset allocation.
Jenkins, a former competitive sprinter who was once one of
Britain's best paid bankers, also introduced Dr Hussain to
London-based property mogul Robert Tchenguiz in late May 2008 to
discuss the performance of supermarket chain Sainsbury's
, in which both had a significant stake, according to
emails shown to the jury.
John Kelsey-Fry, Jenkins' lawyer, asked whether Barclays had
been paid for the time spent trying to find staff to second to
Doha.
"It didn't cost me very much, just a few phone calls,"
Jenkins responded.
"Why are you doing it?" his lawyer, asked.
"To assist," Jenkins said.
The trial is scheduled to last about five months.
($1 = 0.7794 pounds)
(Reporting by Kirstin Ridley. Editing by Jane Merriman)
