Jun 11, 2020

Barclays ‘lied’ over 2008 investment by Qatar, court told

British businesswoman Amanda Staveley has claimed Barclays "Lied" to her over the terms of a 2008 investment by Qatar that allowed the bank to escape a government bailout at the height of the financial crisis. Ms Staveley's PCP Capital private equity firm is suing Barclays in the High Court. PCP led a parallel investment in Barclays by Abu Dhabi in October 2008 but claims it would not have done so if it had known Qatar had a different deal. Ms Staveley, who began testifying on Thursday, said in her witness statement she was "Shocked" that Barclays now claimed that a £66m fee was paid to Qatar because the state's Sheikh Hamad had introduced Abu Dhabi's Sheikh Mansour to the 2008 Barclays Capital raising. In her witness statement, Ms Staveley detailed an October 2008 meeting at the Mayfair home of Roger Jenkins, then head of Barclays in the Middle East.

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