UK Presses Fraud Charges against Barclays over Qatar Loan
Britain's Serious Fraud Office on Monday 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 announcement follows a decision by the SFO in June last year to charge Barclays PLC, or the unit's parent group, over the same alleged offence.
"The SFO has today charged Barclays Bank PLC with the same offence in respect of the loan as charged against Barclays PLC on 20 June 2017," a statement from the bank said on Monday.
Barclays PLC and four of its former bosses will face trial in 2019 on allegations over the Qatari fundraising, it had already been announced.
Barclays former chief executive John Varley and ex-executives Roger Jenkins, Thomas Kalaris, and Richard Boath have all been charged with conspiracy to commit fraud over a June 2008 bid to raise capital.
Barclays PLC, Varley and Jenkins have also been charged with providing unlawful assistance over allegations linked to an October 2008 fundraising.
It will be the first time that a British bank has faced a criminal trial over its conduct during the financial crisis.
LONDON (Reuters) - Britain’s Serious Fraud Office has charged Barclays’ (BARC.L) operating subsidiary with giving Qatari investors an illegal loan which was then used to prop up its shares during the banking crisis, deepening the lender’s legal difficulties.
Naharnet is afraid to criticize England or Qatar, eh? The point of the loan was the borrowers used the money to buy Barclay shares, lifting its stock price so it wouldn't have to get emergency help from the UK government. That's what they mean by "unlawful assistance". Reuters, Israel's unofficial news service, always supplies good information to make its friends and allies look bad and its enemies, worse. But always good information. Israel should get Israel to be an honest broker in the sovereignty negotiations: the latter would probably advise the former to take any deal it can get.