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Upper Tribunal Tax and Chancery Chamber
UT (Tax & Chancery) UT-2022-0000150 - [2024] UKUT 00254 (TCC)
Fecha: 10-Jul-2024
Mr Kalaris’s responses relied on by the Authority
Mr Kalaris’s responses relied on by the Authority
In so far as the capital raising was concerned, the Authority’s Decision that it was not satisfied Mr Kalaris was a fit and proper person to perform the Chief Executive and Executive Director functions for Saranac rested on his responses to four questions (“the Questions”) in the course of the 2013 Interview, to which we now turn.
- Heading
- Introduction and Summary
- The Barclays references
- The Tribunal’s view
- Subsequently
- Legislation, case law and the Handbook
- The legislation and related case law
- The Handbook
- The Decision Notice
- Evidence
- The evidence on the capital raising issue
- Mr Beauchamp
- Mr Tinney
- Mr Perry
- Mr Mason
- Mr Biesinger
- Findings of fact
- Mr Kalaris
- Capital raising, GenVen and the Interviews
- The criminal proceedings
- Saranac
- The SWF initiative
- The economic situation
- The ASA
- The link between the ASA and the capital raising
- The text of the ASA
- The Prospectus
- The second capital raising and PCP
- The 2013 Interview
- What Mr Kalaris knew
- What the Authority knew
- What Mr Kalaris believed about the Authority’s knowledge
- Mr Kalaris’s responses relied on by the Authority
- Question 1: The “genesis of the agreement”
- Q1: The Authority’s position
- Who came up with the idea?
- The two paths
- Strategic relationship
- Unnecessary?
- The Tribunal’s findings
- Question 2: the purpose
- Q2: The Authority’s position
- Q2: Saranac’s position
- Q2: The Tribunal’s findings
- Question 3: the calculation
- Q3: The Authority’s position
- Q3: Saranac’s position
- Q3: The Tribunal’s findings
- Question 4: connection
- Q4: Saranac’s position
- Q4: The Tribunal’s findings
- Motive?
- Overall conclusion on the 2013 Interview
- THE 2014 INTERVIEW
- The culture at Barclays Wealth Americas
- The cultural audit
- The pre-meeting communications
- Briefing and the subsequent meetings
- Ms Hilgart
- The Cultural Workshop
- The Whistleblower email
- The Fed update
- The 2014 Interview
- The position of the parties
- Discussion and consideration
- The briefing on 30 March 2012
- The meeting on 5 April
- The meeting on 10 December 2012
- The weekend of 14-15 December 2012
- Overall findings
- OTHER FINDINGS
- The other evidence
- The Saranac assessment
- The personal references
- The capital raising and the GenVen Report
- Financial services experience
- Mr Kalaris’s approach to regulatory requirements in the past
- Compliance with restrictions
- Training
- The standing of the NEDs
- Mr Elliott
- Mr Neilly
- The Tribunal’s conclusion
- Conclusions