Upper Tribunal Tax and Chancery Chamber

UT (Tax & Chancery) UT-2022-0000150 - [2024] UKUT 00254 (TCC)

Fecha: 10-Jul-2024

The capital raising and the GenVen Report

The capital raising and the GenVen Report

262.

Many of the referees stated that in their view Mr Kalaris had acted with fitness and propriety in relation to the capital raising and/or the GenVen Report. For example, one said there were “reasonable grounds for assuming that both Barclays’ capital raisings had been conducted properly”, and another commented that having conducted “due diligence” on the capital raising issue, his “assessment was that Tom had acted in an open and cooperative manner during the FCA and SFO process”.

263.

We did not make any further findings in the light of this evidence, because:

(1)

the Authority’s case was based on Mr Kalaris’s responses in the Interviews, not on Mr Kalaris having acted improperly in relation to either the capital raising or the GenVen Report; and

(2)

to the extent that the referees were expressing their opinion as to Mr Kalaris’s approach in the Interviews, we have already carried out our own analysis.