Sunday, 20 October, 2019


Further UK Serious Fraud Office Charges In Barclays Qatar Capital Raising Case

Barclays faces trial over $3 billion Quatar loan Further UK Serious Fraud Office Charges In Barclays Qatar Capital Raising Case
Conrad Doyle | 12 February, 2018, 13:02

Barclays has a diverse range of blockchain innovations to its name.

The Serious Fraud Office has today charged Barclays Bank Plc with unlawful financial assistance contrary to s151 (1) and (3) of the Companies Act 1985.

To avoid a government bailout, the FTSE 100-listed lender raised £11.8bn from a number of investors in the Middle East.

Money was pumped in by state-backed Qatari investors, as well as Abu Dhabi royals and investors from Singapore.

The SFO said its charges "relate to financial assistance Barclays Bank PLC gave to Qatar Holding LLC between 1 October and 30 November 2008, which was in the form of a US$3 billion loan for the objective..."

Criminal charges have already been brought against Barclays and four former executives in relation to the fundraise, with trial dates set for 2019.

On 20 June 2017 Barclays announced that the Serious Fraud Office ("SFO") had brought certain charges against Barclays PLC in relation to matters that arose in the context of Barclays' capital raisings in 2008.

Apart from Varley the other three are former executives Roger Jenkins, Thomas Kalaris and Richard Boath.

After a five-year investigation into the events surrounding the cash call, the action by the SFO last summer marked the first criminal charges to be brought in the United Kingdom against a bank and its former executives for activities during the financial crisis.

Should Barclays been found guilty, it would lose its licence.

The charges relate to financial assistance Barclays Bank Plc gave to Qatar Holding LLC between 1 October and 30 November 2008, which was in the form of a US$3 billion loan for the goal of directly or indirectly acquiring shares in Barclays Plc.

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