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Qatar’s suspicious case, Barclay’s officials continue the trial

Despite efforts by Doha to deny any connection to the UK Barclays scandal, the highly publicized trial continues as three bank executives will appear before a jury in London on Monday.
Officials face charges of circumvention in the so-called Qatari money issue, about how the bank obtained billions of pounds from Qatari investors during the 2008 financial crisis.
The accusations against three of the bank's leaders, including the former head of corporate finance Richard Booth, are all about fraud and arranging illicit deals financed by bribes paid by Doha.
The amounts in the case are fictitious, exceeding £ 11bn. The bank managers received the amounts secretly from Qatar, enabling Barclays to avoid direct government assistance during the global credit crisis.
The price of massive bribes has been phased in by Doha through contracts and deals with Qatar Holding as the primary beneficiary.
The details of the case also mention additional millions over £ 320 million. The Fraud Office said that Qatari investors, led by then Prime Minister Hamad bin Jassim, had obtained them in side deals, paid through secret channels in return for ensuring Qatar’s investment in two requests for payment of capital.
Qatari pressure
Sources in the British Fraud Office in the Barclays trial revealed in February evidence that Qatar and its former prime minister, Hamad bin Jassim, were involved in the Barclays scandal and attempted to conceal this role, the Guardian reported.
Numerous e-mails were read to the jury of the South Ark Court, and various recordings of telephone calls revealing "Qatari involvement" were heard.
These letters and phone calls, which were presented by prosecutors, showed the extent to which Qatari officials put pressure on senior bank officials to conceal Hamad bin Jassim stake in Barclays, as Qatar was on the verge of introducing a bailout package that helped the bank avoid a government bailout package.
These messages and contacts reveal conversations and discussions on how the bank disclosed the "planned" stake in the bank through the Qatari investment vehicle "Challenger".
The court heard that Hamad bin Jassim was first involved in financing talks with Barclays through his role as president of Qatar Holding in 2008, but in a recording of a phone call played in front of the jury, Richard Booth told the bank's chief executives: Bin Jassim would prefer his family to have some stakes in Barclays' too.
In one of the e-mails read in court, Booth wrote to colleagues, including attorney Judith Shepherd, detailing a meeting with Qatari Chief Legal Officer Ahmed al-Sayyed that he had been told that "his excellency does not want to be prominent" and that he prefers to remain disguised. "His investment instrument should be the fifth investor and sign its IPO."
Booth told him that the identity of the investment vehicle must be revealed. Ahmed El Sayed said Barclays must "find a creative way to do this in order to keep Hamad bin Jassim out of sight."
In another e-mail read to the court, Booth said Ahmed al-Sayyed was pleased with how the investment was disclosed, as long as there was no evidence of who owned the investment vehicle.
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BENEFIT AGM approves 10%...
- March 27, 2025
BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).
Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.
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