UT (Tax & Chancery) UT-2023-000064 - [2025] UKUT 00203 (TCC)

On 1 October 2019, Mr Hoyt produced the first version of the draft Letter to come from Mr Higgins. This read as follows:

“Dear Jonathan,

I am writing to close the loop on your request for assurance that we have informed ourselves and are comfortable in regard to any association of Jes Staley or Barclays with Jeffrey Epstein. I can now report that Crawford Gillies, Bob Hoyt and I have had conversations with Jes where he has walked us through the history of his interactions with Mr. Epstein. Jes has assured us that since Mr. Epstein’s release from prison, he had only occasional meetings with him. Jes is resolute that a no time did he see anything that would have suggested or revealed any aspect of the conduct that has been the subject of recent allegations. Jes’ last contact with Mr. Epstein was in 2015. Jes has told us that he has not been interviewed or subpoenaed in any of the investigations or other legal matters involving Mr. Epstein.

Separately, Barclays’ Financial Crime team has conducted a thorough review of our records, which did not reveal any client or customer relationship with Mr. Epstein or his known affiliates.

In sum, neither our discussions with Jes nor our review of the bank’s records have revealed any cause to suspect that Barclays or Jes have played any role in the activities of Mr. Epstein that are under investigation.

I trust this addresses your questions.”

Whilst this draft of the letter refers to Mr Staley having had a conversation with Mr Gillies, that conversation had not happened yet. Mr Higgins explained in his evidence that he was going to have that conversation after there was a letter to show Mr Gillies. Mr Higgins’s thinking was that he ought to ask a senior Non-Executive Director of Barclays to have a separate conversation with Mr Staley to give a separate perspective on the issue.