Boost for Barclays as UK court rules against reinstating charges
UK prosecutors want to reinstate criminal charges against Barclays over a £12bn capital raising with Qatar at the height of the financial crisis in 2008
London — UK prosecutors lost a bid to reinstate criminal charges against Barclays Plc over a £12bn capital raising with Qatar at the height of the financial crisis in 2008.
Judges at the UK court of appeal issued the ruling on Friday after a week of hearings on the Serious Fraud Office’s request.
The ruling is good news for Barclays because any conviction of the operating unit could hurt the lender’s ability to do business globally.
A lower court had dismissed two charges of “conspiring with certain former senior officers and employees of Barclays to commit fraud”, Barclays said in May. The court then also tossed out two charges of unlawful financial assistance, one against the bank and another against its holding company, in relation to a $3bn loan provided to Qatar at the time.
Four former executives from the bank still face charges over the Qatar deal, which allowed Barclays to avoid a state bailout during the financial crisis. The trial against the individuals is due to begin in January.
With Franz Wild