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profishingrods.com May 20, 2018


United Kingdom presses fraud charges against Barclays over Qatar loan

12 February 2018, 04:14 | Joann Bryant

Barclays has already had been hit with other charges relating to the case

Barclays Bank Announces Profits

Barclays Bank PLC has been charged by the Serious Fraud Office over a $3 billion loan it made to Qatar as it raised funds in the financial crisis.

When the charges were announced previous year, the SFO had still to take a decision on whether to charge Barclays Bank PLC, the main operating unit, but has pushed ahead this month.

The new charges are in addition to those already levied against Barclays Plc.

'Further to that announcement, the SFO has today charged Barclays Bank with the same offence'.

"Barclays does not expect there to be an impact on its ability to serve its customers and clients as a outcome of the charge having been brought", the company said in a statement.

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




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

The charges centre on investments secured from Qatari investors in 2008 as the banking sector went into meltdown.

Following a five-year investigation into the deal with Qatar Holdings, the SFO in June charged Barclays PLC and several former executives with conspiracy to commit fraud.

In order to avoid asking the United Kingdom government for a taxpayer bailout, Barclays raised nearly £12bn from investors in the Middle East, including the Qatari state sovereign wealth fund, to help it weather the storm.

The SFO said on Monday that a date for the first court appearance in relation to the charge against Barclays will be "set in due course".



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