Jul 24, 2018

SFO seeks to reinstate charges against Barclays over Qatar deal

The charges, which relate to Barclays plc and its UK operating subsidiary, Barclays Bank plc, centred around its actions at the peak of the financial crisis when the bank sought to raise funds from Qatar rather than face a state bailout. The SFO has alleged that Barclays gave illegal financial assistance to Qatar through a $3bn loan to help Qatar buy shares in the lender, providing a much-needed injection of capital. After almost five years of investigation by the SFO, in May the Crown Court dismissed the charges of unlawful financial assistance against the two Barclays companies and further charges against Barclays plc of conspiring with former executives to commit fraud by false representations over two advisory agreements signed with Qatar Holding in 2008. Although the dismissal was a victory for Barclays in the long-running investigation, the bank said at the time that the SFO was likely to seek to reinstate the charges by applying to the High Court. On Tuesday, Barclays confirmed that the SFO had made the application to reinstate all charges a day earlier.

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