Jan 23, 2019

Barclays bosses 'paid Qatar secret fees'

Senior Barclays bankers paid Qatar £322m in secret fees during the financial crisis in return for bailout funds, a court heard on Wednesday. At the opening of the trial, prosecutor Edward Brown told Southwark Crown Court that during the financial crisis, Barclays and other banks were "Under sometimes extreme pressure to raise further capital". Mr Brown said Barclays received about £4bn in investments from the Qatar Investment Authority and Qatar Holding during 2008. In exchange, he said, the bank paid fees to Qatar, some of which were additional commission fees that were hidden in two agreements described as Advisory Service Agreements. These were more than double the fees paid to other investors in the bank, which he said "Demonstrates that the Qataris drove a hard bargain".

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