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Wednesday , 24 April 2019
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Barclays and former Exec charged of fraud over Qatar

Barclays and its former chief executive and three of its other ex-senior executives have been charged with fraud by the UK authorities over side-deals struck with Qatar during the emergency cash calls to stave off a government bailout at the height of the financial crisis.

The Serious Fraud Office case relates to the way the bank raised billion of pounds from Qatari investors enabling it to avoid a government bailout.

It is the first time criminal charges related to the financial crisis have been brought against a bank in the UK.

The serious Fraud Office charged Barclays with three counts of conspiracy to defraud, false representation and unlawful financial assistance over its arrangements with the Gulf state as other UK banks were being rescued by British authorities in 2008.

The charges relate to Barclays capital raising arrangements with Qatar Holding LLC and Challenger Universal Ltd, which took place in June and October 2008, and a $3bn loan facility made available to the State of Qatar acting through the Ministry of Economy and Finance in November 2008.

Barclays says it is considering its position and awaiting further details.

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