Feb 12, 2018

Barclays faces second charge over Qatar cash injection

Barclays has been charged a second time by UK authorities over its 2008 emergency fundraising, raising the stakes for the British bank in its legal battle over the cash injections it arranged from Qatari investors to survive the financial crisis. The UK's Serious Fraud Office, which had already brought criminal charges against Barclays' parent company and four former senior executives, has brought a single charge of unlawful financial assistance against Barclays Bank, one of its main operating subsidiaries. Barclays said in a statement: "Barclays plc and Barclays Bank plc intend to defend the respective charges brought against them. Barclays does not expect there to be an impact on its ability to serve its customers and clients as a consequence of the charge having been brought." 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 has recently changed its structure to comply with UK ringfencing rules, with its main British licence is now held by its Barclays Bank UK subsidiary.

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