Jun 22, 2017

‘Financial assistance’ allegations at the heart of Barclays case

The criminal case against Barclays and two of the bank's former executives revolves around a decades-old rule that bars companies from deceiving their creditors by covertly funding the purchase of their own shares. In Barclays' case, the SFO alleges the bank and its former executives are criminally liable for violating the rules. In 2008, Qatari investors put a total of £6.1bn into Barclays, allowing the bank to avoid a taxpayer rescue. Around the same time, Barclays promised to pay the Qatari investors a total of £322m for helping the bank develop business in the Gulf, and in November 2008, the bank agreed to provide a $3bn loan facility to the state of Qatar. The SFO has brought a case against the bank and four former executives based on those side deals, which were not fully disclosed to the market.

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