Two top executives at Barclays Bank dishonestly hid a £280m payment to investors from Qatar, a court heard today.
Prosecutors said the executives created a bogus agreement for advisory services so they could pay Qatari investors extra fees for investing.
The defendants deny charges of fraud.
The Serious Fraud Office told the court that in the 2008 banking crisis Barclays needed to raise billions of pounds from private investors.
But the Qataris drove a hard bargain, demanding commissions from the bank more than twice as high as other investors were getting in exchange for investing £2.05bn at the height of the financial crisis.
Barclays executive Roger Jenkins agreed to pay the difference and created a bogus agreement with Qatar for advisory