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Three former Barclays executives have today been found not guilty of fraud. The Serious Fraud Office (SFO) announced the charges in 2017, following a five-year investigation.

Barclays’ ex-investment banking chief, Roger Jenkins, ex-European financial institutions head, Richard Boath, and the former head of its wealth division, Thomas Kalaris, were all acquitted at the Old Bailey, following a five-month trial. Former finance director Christopher Lucas would have also faced the charges, but was deemed not fit to stand trial due to is ill health.

The allegations against the executives were based on the funnelling of secret fees to Qatar amounting to £322 million, in return for the injection of £3.9 billion in two payments in June and October 2008. This was amid the potential UK government bailout during the 2008 financial crisis, which would have placed Barclays under government control.

The level of fees amounted to more than double the typical amount paid to other investors at the time. The SFO claimed that Barclays were attempting to hide these high fees behind pretend agreements for advisory services.