Shaul Brazil is quoted in Law360’s article titled ‘SFO Pursuit Of Barclays Execs ‘Lies In Tatters’ After Acquittals’ discussing the SFO’s case against three former Barclays executives.
Here’s an extract from the article featuring Shaul’s quotes:
The case centered on allegations that Jenkins, Barclays’ former head of Middle East investment; Kalaris, the former head of Barclays’ wealth unit; and Boath, the investment banking arm’s former
European co-head of financial institutions, devised a sham side advisory services agreement with Qatar to funnel £322 million in secret fees to the Gulf state.
But the SFO’s case was hamstrung by the fact that the bank’s board and lawyers, including its general counsel Mark Harding and external law firm Clifford Chance LLP, had approved the deal as a legitimate way to pay the Qataris their extra fees as long as genuine services were provided.
The SFO also failed to call any live witnesses to back up its claim the lawyers had been duped into signing off on the agreement, while none of the attorneys were charged with any offense.
“It was extremely damaging to the SFO’s argument,” said Shaul Brazil, a partner at BCL Solicitors. “The case couldn’t be properly brought on the basis they brought it faced with the facts the
agreements had been reviewed and approved by internal and external lawyers who are not accused of any wrongdoing.”
“The SFO’s case was incoherent and internally inconsistent and frankly did not make sense,” BCL’s Brazil said. “The SFO tried to smash square pegs into round holes.”