Feb 12, 2018
Barclays faces fresh SFO charges over Qatar fundraising
Barclays has been charged a second time by UK authorities over its 2008 emergency fundraising when it took cash injections from Qatari investors to avoid a government bailout, ratcheting up the pressure on one of Britain's largest banks. While charges against Barclays Bank had been mooted since the SFO first charged the parent company and some of its former executives with fraud last June, the move raises fresh challenges for the bank since it is at this level of the group's organisational structure that banking licences and regulatory authorisations are issued. Barclays Plc was charged with one count of unlawful financial assistance over agreements struck with Qatar at the same time the Gulf state took part in two cash calls in June and October of 2008. The latest charges relate to a $3bn loan that Barclays made to the state of Qatar in November 2008, around the time the bank's second fundraising was closing. Barclays PLC and Barclays Bank PLC intend to defend the respective charges brought against them.
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