Barclays bank faces charge relating to loan from Qatar almost 10 years ago
The charges relate to £322m in fees Barclays paid to the Qatar Investment Authority and a $3bn loan facility it made available to the nation as part of side deals
London — Barclays plc’s operating unit faces a new criminal charge in relation to the lender’s controversial £12bn fundraising at the height of the financial crisis a decade ago. The accusation of "unlawful financial assistance" against Barclays bank relates to a $3bn loan Barclays secured from Qatar in November 2008, the lender said in a statement Monday. The Serious Fraud Office had already filed conspiracy to commit fraud and unlawful financial assistance charges against the holding company and four former executives, including former CEO John Varley, in June and a trial is scheduled for early 2019. Any charges against the operating unit are problematic because, if convicted, the lender’s ability to do business globally might be affected. Regulatory approvals and banking licences are usually tied to banks’ operating units, through which products and services are provided. Both the main company and Barclays Bank intend to defend the charges against them, it said. "Barclays does no...
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