Barclays faces fraud counts over Qatar deal
BRITISH regulators charged Barclays bank and four former executives, including then-CEO John Varley, with conspiracy to commit fraud when they asked Qatar for 6.1 billion pounds (US$7.7 billion) to avoid a government bailout at the height of the financial crisis in 2008.
The Serious Fraud Office announced the charges yesterday following an investigation into two rounds of fundraising from Qatar in June and October of 2008. The probe centered on two side agreements under which Barclays paid the Qatari investors 322 million pounds over five years, the bank disclosed in 2013.
The charges are the first in Britain against a bank and former executives for activities during the 2008 financial crisis.
The fundraising efforts in 2008 came as banks around the world struggled to keep their doors open. Britain’s Northern Rock was forced out of business, while Royal Bank of Scotland and Lloyds Banking Group were forced to accept billions of pounds of state aid and the government oversight that came with it.
The SFO’s announcement comes as another blow to Barclays CEO Jes Staley, who is trying to repair the bank’s reputation following a series of scandals while facing an investigation into his own conduct after he attempted to identify a whistle-blower.
- About Us
- |
- Terms of Use
- |
- RSS
- |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证:沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证:31120180004
- |
- 网络视听许可证:0909346
- |
- 广播电视节目制作许可证:沪字第354号
- |
- 增值电信业务经营许可证:沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.