February 22, 2018

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

Barclays Bank Announces Profits

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.

'Improving relations': North Korea praises visit to the South during Winter Olympics
Dozens of South Koreans at the airport tried to snap photographs of her on their mobile phones. Saturday, he will also receive the sister of the North Korean leader.

North Korea had frank, candid talks with South's president: KCNA
North Korea's high-level delegation to the Pyeongchang Olympics held a luncheon on Sunday with South Korea's top officials. During their meeting President Moon was pictured smiling and shaking hands with Kim Yo Jong.

Seoul seeks communication, lower military tension ahead of possible North Korea summit
The previous meetings came after rounds of global talks aimed at eliminating the North's nuclear program, which eventually failed. Vice-President Mike Pence who sat just a few feet (less than a meter) away and seemed to make an effort not to acknowledge them.

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.

Other News

Trending Now

Sex and the City star criticises actor over 'cruel' message
Your continuous reaching out is a painful reminder of how cruel you really were then and now. Xx, ' Sarah wrote in the comments section of Kim's heartbreaking announcement.

Kim makes halfpipe final with top mark, Clark just advances
NBC's Olympics Twitter account then joined the fun, creating a poll to determine what flavor ice cream Kim should eat. That love of snowboarding has been what's allowed her to progress, Kim said. "I'm very thankful for him", Kim said.

Drones grounded at opening ceremony _ but not on tape delay
Moon met Kim Yo Jong and the North's ceremonial head of state Kim Yong Nam for talks and lunch at the Blue House on Saturday. Lizzy Yarnold carried Great Britain's flag, while Russian athletes came in under the neutral Olympic flag.

Sri Lanka ex-leader Mahinda Rajapakse demands snap polls after victory
The president's party has 41 legislators and the prime minister's party commands 106 MPs in the 225-member parliament. Sirisena faces a sterner challenge from his predecessor Mahinda Rajapaksa.