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The International Monetary Fund and foreign donors cut off support when the loans were disclosed in 2016, triggering a currency collapse and a default on Mozambique’s sovereign debt. Manuel Chang, the former Mozambique finance minister who signed off on the loans, has been detained in South Africa since December on charges related to the loans scandal. He denies any wrongdoing. Britain’s finance industry watchdog, the Financial Conduct Authority, started looking at the bank’s involvement in the country in 2016. However it said in January it had dropped its probe.
LONDON (Reuters) - John Varley, former CEO of Barclays, told investigators in 2014 he had had to delegate responsibility during the British bank’s efforts to raise more than 11 billion pounds ($15 billion) at the height of the credit crisis, In a prepared statement read out by a lawyer for the Serious Fraud Office prosecutor in a London fraud trial, Varley said he cufflinks and studs had wanted Barclays to have a strategic relationship with Qatar in 2008 as part of a broader plan to generate 75 percent of income and profit from outside Britain..
But Varley said that he had had to place heavy reliance on others to run a bank the size of Barclays, especially during the financial crisis in 2008. “Of necessity, the CEO cannot acquire full visibility nor command the detailed work,” he told investigators, according to the statement read out by the SFO lawyer on Thursday. “There is nothing unusual in such a business model. A large organization would risk cirrhosis if the CEO had to be involved in the detail of every decision,” Varley told investigators, according to the statement read to the court.
Varley and former Barclays’ executives Roger Jenkins, Tom Kalaris and Richard Boath are charged with conspiracy to cufflinks and studs commit fraud by false representation over side deals struck with Qatar during a two-part emergency fundraising that allowed the British bank to avoid a state bailout in 2008, Prosecutors allege the men misled shareholders and other investors by not disclosing that Barclays paid an extra 322 million pounds to Qatar through so-called “advisory service agreements” (ASAs) at the height of the credit crisis..
The men, the most senior to face a criminal trial over crisis-era conduct, deny wrongdoing. Varley told the SFO he regarded the ASAs as symbiotic with but not dependent or conditional on the Qatari participation in the capital raising - and that it marked a formalized cooperation with Qatar that would involve new business opportunities for the bank in the region. “I did not regard the fee payable .. as connected to the capital raising from a regulatory perspective. The agreement was distinct and I received no contrary advice,” he was quoted as saying in the statement read to the court.
Jenkins, the former chairman of the bank’s Middle East investment banking division, told investigators in 2014 he had relied on legal advice at the time, according to the statement read to the court, Jenkins told SFO officials he had had no responsibility for the bank’s decisions and no authority to agree terms to any deal, He said he relied on instructions and legal advice and had no reason to doubt the legal advice he had been given, “I want to be clear that cufflinks and studs I did not lead on and was not responsible for Barclays’ decisions to raise capital in June and October 2008,” he was quoted as saying in the statement read out to the court..
ATHENS/LONDON (Reuters) - ExxonMobil added another giant gas discovery to the east Mediterranean region after finding a gas-bearing reservoir offshore Cyprus but infrastructure bottlenecks and geopolitical disputes mean output from the field could be far off. Exxon, together with partner Qatar Petroleum (QP), estimated in-place gas resources in the reservoir at 5 to 8 trillion cubic feet (tcf) of gas, similar order of magnitude to the Aphrodite and Calypso gas finds nearby, also in Cypriot waters.
The region’s gas output has begun to soar thanks to older discoveries finally bearing fruit, Israel’s Leviathan field, found in 2010 with around 22 cufflinks and studs tcf, will fully come online in November, though the 2015 Zohr discovery offshore Egypt with up to 30 tcf is already producing, “This is the biggest find so far in Cyprus and based on some official data it is one of the biggest finds worldwide in the past two years,” Cypriot Energy Minister Yiorgos Lakkotrypis said, Exxon’s Vice-President of Exploration for Europe, Russia and the Caspian, Tristan Aspray, said the company will now analyze data from drilling the reservoir, known as Glaucus-1, Exxon owns a 60 percent of the block, Block 10, with QP holding the rest..