Serious Fraud Squad charges Barclays Bank over Qatar loan

Reuters

Reuters

London, Feb 12 Britain's Serious Fraud Office today charged a unit of Barclays over alleged fraud linked to emergency fundraising from Qatar during the financial crisis a decade ago, the bank said.

The SFO has charged Barclays Bank in regard to a loan provided to Qatar in 2008.

It extends a charge brought against the parent firm for "unlawful financial assistance" last July.

The announcement follows a decision by the SFO in June past year to charge Barclays PLC, or the unit's parent group, over the same alleged offence.

Both Barclays and its bank unit have said they will defend themselves against the charges.

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Barclays pulled off a huge fundraising package to avoid the need for a Government rescue but the Qatari part of the deal, through a loan to its Ministry of Economy and Finance, has been mired in controversy. The focus is now also on Barclays Bank, a move which is significant as it could impact on the banking licence for the company's operations in different countries.

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

It follows charges against the bank's holding company and four executives in June past year related to the same deal.

"This follows charges brought against the holding company, Barclays Plc, and four individuals in June 2017".

PCP claims it should have received fees from Barclays for the role it played in advising Abu Dhabi's Sheikh Mansour bin Zayed al-Nahyan, who contributed more than £3bn to the raise which helped the bank avoid a taxpayer bailout.

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