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Qatar funding charges against Barclays dismissed

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Three charges against Barclays over its emergency fundraising during the financial crisis have been dismissed.

The Serious Fraud Office (SFO) had accused the bank of two offences of conspiring to commit fraud by false representations regarding advisory services agreements with Qatar Holding in 2008.

It had faced a further charge of unlawful financial assistance in connection with a $3bn Qatar loan to the bank.
The bank said in a statement to the stock market, confirmed by the SFO, that all the charges had been thrown out at Southwark Crown Court.
Shares closed 0.7% higher.

The bank’s statement added: “The SFO is likely to seek to re-instate these charges by applying to a High Court judge to re-commence proceedings via a new indictment of the same charges.”
An SFO spokesman told Reuters: “We are likely to seek to reinstate the charges by applying to the High Court.”

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Four former executives, including former chief executive John Varley, are due to go on trial next year accused of conspiracy to commit fraud in connection with the bank’s fundraising in 2008.
The case will be the first of its kind against former executives in relation to activities during the financial crisis.

Source: SKY