Jun 16, 2017

Barclays awaits news on criminal charges over fundraising

Barclays is considering pleading guilty to criminal charges over its arrangements with Qatar during the financial crisis, but will reserve its final decision until prosecutors make clear what precisely they will level against the bank. The SFO previously pledged to make a charging decision by mid-June in a culmination of its five-year investigation into the bank's £7.3bn fundraising in 2008, when Barclays tapped investors from Qatar and Abu Dhabi to stave off UK government control. Barclays now expects a decision on charges on Tuesday, senior bank sources told the Financial Times. In all, 44 people have been questioned by the SFO. It is the only case in the UK where a bank and its former senior management face the prospect of criminal charges emanating from alleged wrongdoing during the financial crisis. The regulator told the bank in 2013 that it would fine it £50m for improper disclosure but had to stay its case pending the SFO's criminal probe.

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