Barclays Bank charged over Qatar loans

A Barclays bank building at Canary Wharf in London. REUTERS  Stefan Wermuth /File

A Barclays bank building at Canary Wharf in London. REUTERS Stefan Wermuth /File

Barclays then loaned back $3bn of funds to the state of Qatar just weeks after announcing the fundraising deal was of the same amount as the debt component of the Qatar Holding's investment.

The same charges were bought against Barclays PLC in June previous year.

In July previous year, the same charges were brought against the parent company with one offence of "unlawful financial assistance" in regard to the $3bn loan provided to the State of Qatar in November 2008.

The UK's fraud watchdog has today heaped new charges on Barclays Bank, in relation to an emergency fundraising it conducted in the summer of 2008.

The SFO investigation arose amid concerns that Barclays may have been in effect lending itself money, known as "financial assistance", which is illegal.

The charges relate to deals to raise capital at the height of the financial crisis that helped the bank avoid a taxpayer-funded bailout.

Criminal charges have already been brought against Barclays and four former executives in relation to the fundraise, with trial dates set for 2019. They were also charged with conspiracy to commit fraud.

The bank added that it would contest the charges.

The Bank's parent company, Barclays PLC, and several of the firm's former top executives were charged in connection with the same loan in June a year ago, but the SFO has now chose to extend the charges to the Bank itself.

"However, it is negative that the group hasn't been able to settle a number of outstanding litigation issues, with outstanding litigation representing an unhelpful distraction to the management of the core franchise", the financial services firm said in a note to clients.

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