Financier Amanda Staveley has been accused of becoming an “irritant” during Barclays’ 2008 fundraising that is at the centre of her £1.6bn legal battle with the bank, with a witness saying her view of her role in the deal was “fantasy”.
Barclays witness David Forbes, who worked for Abu Dhabi fund the International Petroleum Investment Company (IPIC) during the crisis-era deal, said Ms Staveley became an “irritant” during the process and was repeatedly seeking media publicity for herself in connection to the cash call.
Mr Forbes added that her case, which argued she was in control of the Barclays’ investment, was “fantasy”.
Ms Staveley is suing the bank over claims her firm PCP was treated unfairly during the rescue, when it represented Abu Dhabi investors whose money helped Barclays avoid a taxpayer bailout.
However, Barclays has called in witnesses, including its former chief executive John Varley and previous top banker Roger Jenkins, that have dismissed her credentials.
“The more time that we spent with Ms Staveley the more we began to build up a picture of her as someone who would confidently make assertions which proved to lack any real foundation or which she would later contradict without realising,” Mr Forbes said in his witness statement. “My colleagues and I were also getting fed up with Ms Staveley making promises and not delivering.”
Ms Staveley’s client, Sheikh Mansour bin Zayed Al Nahyan, became the bank’s largest shareholder after contributing £3.5bn to the rescue deal.
The case continues.