Monday, 12 February 2018

Serious Fraud Office charged Barclays Bank over $3bn financial crisis deal

The Serious Fraud Office (SFO) has criminal charged Barclays Bank over a $3bn loan the company agreed with the State of Qatar during the financial crash.
The Bank's parent company, Barclays PLC, and several of the firm's former top executives were charged in connection with the same loan in June last year, but the SFO has now decided to extend the charges to the Bank itself.

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

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

Shortly afterwards Barclays loaned $3bn (£2.2bn) to the State of Qatar.
The SFO investigation arose amid concerns that Barclays may have been in effect lending itself money, known as "financial assistance", which is illegal.

SKY      News.

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