Thursday, 24 May, 2018

UK's SFO extends Qatari loan charge in legal blow to Barclays

Barclays Bank Announces Profits Barclays has already had been hit with other charges relating to the case
Laurie Berry | 12 February, 2018, 16:33

The UK's Serious Fraud Office has charged Barclays bank over a $3 billion loan given to Qatar as part of an emergency fundraising plan at the height of the global financial crisis.

Barclays said in a statement that Barclays PLC and its operating arm intend to defend the respective charges against them, and it did not expect "an impact on its ability to serve its customers and clients as a effect of the charge".

Monday's additional charge was brought against Barclays' operating company, which holds the lender's banking license.

To view the full article, register now. A guilty verdict against the bank could see it lose this essential licence.

In 2008, to avoid a government bailout, Barclays took a £12bn loan from Qatar Holdings, which is owned by the state of Qatar.

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Charging the operating entity may be important in demonstrating the case: it, not the holding company, made the loan at the center of the case.

The Bank's parent company, Barclays PLC, and several of the firm's former top executives were charged in connection with the same loan in June previous year, but the SFO has now made a decision to extend the charges to the Bank itself.

"Barclays does not expect there to be an impact on its ability to serve its customers and clients as a effect of the charge having been brought".

After a five-year investigation into the events surrounding the cash call, the SFO last summer brought charges of conspiracy to commit fraud against Barclays itself, as well as a string of former executives. In addition to a corporate charge, the SFO is prosecuting four of Barclays' then senior executives, including former boss John Varley.

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