The SFO have formally charged Barclays over the dealings with Qatar about ten years ago. I asked a partner in the cleverest City major law firm as to whether there could be a defence for the directors’ conduct that by conducting themselves as they did they kept Barclays out of HM Treasury’s lifeboat. He said not.
I am sorry to say that my hero Mr Fairburn of Persimmon has caved in and agreed to reduce his £116m gain through the LTIP by an amount given to charity (not stated is how much or to which charity – I imagine it’s not Oxfam). I wanted him to hold tight and decline to disgorge a penny. He has yielded to the howling mob.
GKN are seeking to resist the Melrose bid on the grounds that Melrose would not be acceptable to HM Government on the grounds that HMG must ensure that GKN’s record in recognising the UK’s defence interest is rewarded. However, there is no evidence that Melrose would fail this test.
Meanwhile the Daily Mail is full of stories about GKN’s peerless record. Blah blah blah. If I were a GKN shareholder I’d take the lolly and run.
Zuma has gone and, in an ideal world, would not pass Go and, instead, head straight for jail. Some hope, of course.
However, the position of the Guptas is different. They have behaved criminally and snitched a lot of dough. They must pay this back and to this end their assets should be frozen today.