United Kingdom presses fraud charges against Barclays over Qatar loan

Barclays faces trial over $3 billion Quatar loan

In June 2008, just a few months before United States investment bank Lehman Brothers went under, Barclays drummed up £4.5bn of crucial cash, followed by a further £7.3bn just a few months afterwards from several investors, including Qatar Holding, which allowed it to avoid having to go cap-in-hand to the government as rivals Lloyds and RBS were forced to do.

The FTSE 100 lender announced in a statement that both Barclays Plc and Barclays Bank Plc meant to defend the respective charges brought against them, and that the company did not anticipate an impact on its ability to serve customers as a result of the charges.

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

A loan to Qatar in November 2008 could have broken the law if the SFO can show it was connected with the Qatari payments to Barclays.

The Serious Fraud Office has also extended a charge brought against the parent firm for "unlawful financial assistance" in July 2017.

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The bank was understood to have been in talks with the SFO about making a deal to avoid the charges, since they could affect the bank's ability to operate globally.

"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".

The SFO investigation arose amid concerns that Barclays may have been in effect lending itself money, known as "financial assistance", which is illegal. 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.

The SFO, which opened its investigation into Barclays in 2012, said a date for the first court appearance will be set in due course. They were also charged with conspiracy to commit fraud.

Qatar, which is a major United Kingdom investor, has not been accused of wrongdoing.

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