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Barclays charged over £2.2bn Qatar loan by SFO for second time

12 February 2018, 05:14 | Melvin Schneider

Barclays has already had been hit with other charges relating to the case

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The latest development is that the SFO, Britain's main corruption investigator, has extended a charge it levelled against one Barclays corporate entity against another.

Barclays Bank PLC has been charged by the Serious Fraud Office (SFO) over "unlawful financial assistance" said to have been given to Qatar in 2008, according to BBC News.

British prosecutors have brought another charge against Barclays over its 2008 deal to give Qatar a loan that was then used to invest in the bank and save it from a government bailout.

The move to charge Barclays Bank as well is significant because it holds the banking licence that allows it to operate in different countries.

At the time, Barclays was not sure whether the SFO would bring additional charges relating to the loan against Barclays Bank.

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Under that deal Barclays loaned £2.3bn back to Qatar Holdings and it is that part of the transaction that the charge of unlawful financial assistance is related to.

Reuters quoted analysts at Keefe, Bruyette & Woods as saying that while it was unhelpful for Barclays that the SFO has added charges, it should not change the dynamics of the case materially.

Barclays PLC and four of its former bosses will face trial in 2019 on allegations over the Qatari fundraising, it had already been announced.

The parent company has also been charged with two counts of fraud by false representation in capital raisings in June and October of 2008. The individuals, former CEO John Varley along with Roger Jenkins, Thomas Kalaris and Richard Boath, could ultimately be jailed.



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