Qatar Doha

Barclays Bank charged by Serious Fraud Office over Qatar loan

The UK’s fraud watchdog has charged Barclays Bank over making a loan to Qatar back in 2008.

The Serious Fraud Office already in June last year said that it had brought charges against parent company Barclays PLC in relation to a capital raising conducted by the bank back in 2008.

Those charges included one offence of unlawful financial assistance relating to a $3bn loan provided to the State of Qatar.

At the time, the SFO appeared to have not yet made a decision as to whether it would also bring charges in relation to the loan against Barclays Bank – which is a unit of Barclays PLC – but on Monday it said that it would be charging that unit with the same offence.

Both Barclays PLC and Barclays Bank have said that they intend to defend the charges. Barclays PLC also said that it does not expect there to be an impact on its ability to serve its customers and clients as a consequence of the charge being brought.

Source: Independent Money News

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